SR144m profit for Jadwa Investment

Jadwa Investment has announced its preliminary financial results for the year 2012.
The company reported revenues of more than SR284 million for the fiscal year ending December 31 2012, realizing a net income of SR144 million, representing a 10 percent increase over 2011.
Jadwa’s board of directors recommended dividends at SR1.5 per share.
Shareholders’ equity increased to more than SR1.35 billion, equal to SR 23.75 per share, up from SR10.00 per share at the time of Jadwa’s founding in 2006.
Ahmed Al-Khateeb, managing director and CEO of Jadwa Investment said: “Despite the economic and political challenges of 2012, Jadwa Investment continues to deliver strong results for our clients and our shareholders.”
The CEO added: “We are very pleased to achieve record profitability in 2012, thanks to the excellent performance of each our business lines.”
Al-Khateeb said: Our major investment in building our asset management capability since our launch in 2006 has contributed directly to realizing consistently strong risk adjusted returns for our clients, and has earned us the second highest manager quality ranking from Moody’s for the second year in a row. Furthermore, Jadwa’s Saudi Equity Fund performance was first amongst peers during 2012.”
Al-Khateeb added: “In our private equity business, we invested in excess of SR1 billion into two new portfolio companies in 2012, and are seeing strong performance across all six of our portfolio companies.”
The CEO said: “In our Investment Banking business, we closed several advisory mandates and hit record revenues for the year. Across all products, assets under management grew approximately SR3 billion during the year to reach a total of approximately SR 11 billion.”
Al-Khateeb reiterated that the strong results reflect the company’s focus on delivering value for clients and meeting the highest standards of performance.
He expressed his thanks and appreciation to Jadwa’s clients on behalf of the company’s Chairman, and wishes them success and prosperity in the future.