The International Financial Advisors Co. (IFA) announced today its financial results the year ended in 31st December 2009.Incurring Net losses of KD (16) million; a loss of (25.52) fils per share compared to KD (81.614) million, a loss of (122.32) fils per share for 2008.
Shareholders’ equity of KD 145.462 million compared to KD 156.864 million for 2008, and an increase in company`s total assets by 12% to reach KD 622.510 million.
Bank loans totaled KD 181 million, with a percentage of borrowings to total assets not exceeding 29%, which is considered as one of the lowest borrowing percentages compared to other investment companies. It has been decided following the board’s meeting that there will be no profit distribution for 2009.
Mr. Talal Al Bahar, Chairman and Chief Executive Officer of International Financial Advisors, affirmed that IFA has worked in 2009 to overcome the global economic crisis by focusing its activities in accordance with its strategic plan which helped in minimizing the negative effect of the crisis on the company’s financial results, and IFA was able to decrease its losses and increase its assets which is an indicator of the company`s strength and ability to continue its growth and achieve better results in the near future.
Mr. Al Bahar also added : “Our financial results have been affected by global economic conditions, especially with the adoption of the recommendation of the international accounting standards by our subsidiary IFA hotels & Resorts which adversely affected its financial results, but we praise God we are very close to the completion of several projects by the end of 2010 and the beginning of 2011 which will have a positive impact on our financial future in addition to the positive signs of the end of the most difficult period of global crisis, as markets started to recover gradually that will reflect as better performance nshallah.”
IFA is looking forward to offer special investment tools in 2010, as for the asset management sector two investment funds specialized in the money market, will be canceled and given the impact of the global crisis on the real estate value that has become very attractive to acquire, the company will offer three unparalleled funds specialize in real estate sector in 2010, with a total capital of half a billion dollars. The first is related to the “condominium rental program” while the second fund is specialized in “Sharia-compliant rental system” and the third fund will be concerned with “promising real estate opportunities in the Middle East, Asia, Europe and Africa”.
Mr. Al-Bahar concluded that the company will carry in 2010 to operate according to its strategic plan in the search for the best investment opportunities that will contribute in strengthening the company’s position at the local and regional levels which will benefit IFA shareholders.