Optimiza announces half year financial results for 2008

The results achieved a growth rate of 577% - noting that the total sales achieved for the whole year of 2007 was JD13m. The net profits grew by 73% to reach JD487,000 in the first half of this year in comparison with JD178,700 for the same period in 2007.

The overall value of Optimiza's assets rose by 86% to JD56.96m in the first half of 2008, compared with JD33.82m at the end of 2007. Moreover, shareholders' equity reached JD26m in the first half of this year compared to JD25.5m at the end of 2007.

This huge growth in sales was a result of a combination of organic growth and by acquisitions of 9 local and regional companies in management consulting, IT solutions and services, training and Human Capital Development. Optimiza also expects that by 2008, revenues will exceed the expected JD25m, announced during the first quarter of this year.

Mr. Rudain Kawar, Optimiza's Chairman, expressed his satisfaction with these results by stating:

"This remarkable growth was a result of the alignment between Optimiza Board of Directors' and the management team to put forward a solid plan based on a clear strategy and focus on execution, growth and expansion in the region."

With respect to Optimiza's development since the beginning of 2008, Mr. Hazem Malhas, Optimiza CEO, said:

"We are proud of the positive results achieved in the past six months. We have signed several new contracts to implement a number of major projects in the region. We have also concluded the acquisition of 70% of Royah in Saudi Arabia, in a step that enhances our position to expand in the fastest growing markets in the region."

He added: "The management team's focus will be on enhancing the productivity, to improve the profit margins and generate the expected return on investments in mergers and acquisitions."