IFA achieves KD80.8m profit for 2007

The shareholders' equity grew to KD248m compared to KD179m on 31/12/2006. Furthermore, total assets have increased to KD588m compared to KD422m at the end of 2006.

Jassim M. Al-Bahar, Chairman and CEO of IFA stated:

'In spite of the adverse market conditions around the globe that have affected and are still affecting the investment sector, the company has achieved significant profits. These profits were a result of the strategy adopted by the company since 2002, which was based on two pillars: the first pillar focuses on financial investments while the second pillar focuses on the real estate investments related to hotels and resorts'.

Al-Bahar added: 'The company is finalizing restructuring and merger studies for IFA Group companies, subsidiaries and associates. The project aims to recognize the entities within the group in order to make them better equipped to overcome local, regional and international challenges. The restructuring project, which was disclosed at the last shareholders meeting, held in May 2007, focuses on enhancing the specialization within the Group, eliminating redundancies, creating synergies and forming integrated entities that aim to achieve higher profits and returns. We hope to embark on the execution of our vision of IFA group in the near future'.

Al-Bahar concluded by expressing his confidence in IFA's future which will benefit the shareholders and the country.