DAMAC Holding's Al Jazeira Services Co. announces highly successful financial results

This year, Al Jazeira achieved a net profit after tax of R.O.4.718 million, a 61.58% increase in comparision to its R.O.2.920 million net profit last year.

The company witnessed an Earning Per Share for the year 2005, on a weighted average basis, of 0.586 Baisas, while in 2004, the earning per share was 0.421 baisas.

"We are very pleased with Al Jazeira's performance in 2005" said Hussain Sajwani, DAMAC Holding Chairman and Deputy Chairman of Al Jazeira. "We strive to achieve greater profits in 2006, as we strongly believe in sustained yearly business growth", he added.

The Net Asset value per share of Al Jazeira Services was reported as R.O.1.732 in December 2005. Last year the company's net asset value per share was valued at R.O.1.606 .

Al Jazeira's Board of Directors recommended a distribution of 7% cash dividends amounting to R.O.620,650 and 40% stock dividends amounting to R.O.3,546,576 on the paid up capital of R.O.8,866,442.

The distribution of the dividends is subject to approval by shareholders at the Annual General Meeting to be held on 27th March 2006.

"We consider our shareholders the backbone of our institution," commented Sajwani. "At Al Jazeira, we believe in sharing the company's success with our shareholders that we perceive as solid partners", Sajwani added.

"As we move into 2006, we aim to achieve higher business growth by investing further throughout the region", concluded Sajwani.