AFS holds annual general assembly meeting

The Annual General Meeting was attended by the AFS Chairman, Board Members, shareholders and AFS management. AFS posted its net profits at USD 3.168 million in 2005, an increase of 26%, from USD 2.507 million in 2004 (restated). Total assets are at USD 79 million and shareholder equity is at USD 60 million, for year closing on December 31, 2005.

Mr. Ghazi M. Abdul Jawad, the Chairman commented, "Our 2005 financial results support the growth that AFS is sustaining, and reinforces its position as the region's leading provider for end-to-end card processing solutions and consumer finance outsourcing services. Our viable financial base and healthy cash flow will enable us to continue making the right resource and technical investments in order to strengthen our business proposition in the future".

"Restructuring was the principal focus in 2005. We set client satisfaction as our main objectives and devised our strategies accordingly, bringing in a number of new talents on board and investing in new technologies and tools to ensure the flawless execution of projects", Mr. Abdul Jawad, the Chairman, added.

"AFS recently unveiled its new corporate identity that was the culmination of a revised business strategy that uses its core strength, its employees, with their international expertise and regional experience to translate to cost efficient and quick to market transformations for our clients. With our core values being innovative, skillful, enabling and transparent, we will implement our passion to provide quality service by enabling our clients' success" Mr. Hujair concluded.

The AGM meeting was open for the shareholder to attend and the financial situation of the company was discussed openly and to everyone's satisfaction.