Abu Dhabi Investment House (ADIH) made a net profit of AED260 million ($71 million) for the fiscal year 2008, an 18 percent year-on-year increase from AED220 million ($60 million) in 2007, Chairman of the Board Jowa'an Awaidha Al Khaili announced on Sunday. The Board also approved the distribution of 40 percent cash dividend (AED0.40 per share). Al Khaili said “we are very pleased with the 2008 exceptional results, despite current market conditions. This is attributed to clear strategy and business model focused on identifying unique investment opportunities for growth in new sectors and markets, including North Africa, Asia and Europe. Extensive research and due diligence coupled with a strong relationship with our investors and governments where ADIH operates, are all vital factors in our success.” Total income for 2008 is at AED427 million ($116 million), a 36 percent year-on-year increase over AED315 million ($86 million), achieving a net profit of AED260 million ($71 million) compared to AED220 million ($60 million) recorded last year. The balance sheet grew impressively to AED1,542 million ($420 million) - an increase of 81 percent when compared to December 2007's AED853 million ($232 million). This reflected strong business growth driven by an increase in client investments in ADIH overall funds and projects. Total equity for 2008 rose by 63 percent reaching AED984 million ($268 million), recording AED1.27 ($0.35) earnings per share in comparison to total equity of AED605 million ($165 million) in 2007 with AED1.10 ($0.30) earnings per share. “During the past four years, ADIH has succeeded in establishing a solid and strong base of investors and shareholders. Additionally, its expansion into new geographical areas within various sectors, introducing new investment opportunities and products including strategic partnerships with regional and international organizations are important elements in ADIH's success,” Al Khaili said. Rashad Janahi, ADIH managing director, said: “Our exceptional 2008 results further demonstrate ADIH's fast and steady growth in light of the Board's clear strategy, as we continue to diversify our portfolio and seize major exit opportunities where possible. All this, despite current strained financial market conditions. ADIH risk management tools, complemented with extensive market study and a team of experts, further assisted in making ADIH products more attractive to investors and successfully positioning ADIH as a major player in the regional market.' During 2008, ADIH welcomed a new group of select institutional investors where ADIH succeeded in raising its capital and increasing its shareholder equity to a total of AED984 million ($268 million). __
