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TNI ANNOUNCES RESULTS FOR 2010-11
• TNI declares net profit of AED 2.2 million for the year ending 31 March 2011
Abu Dhabi, UAE, 26 May 2011: The National Investor (“TNI”), one of Abu Dhabi’s leading investment management and advisory firms, today announced its results for the year ending 31 March 2011.
The consolidated revenues for FY 2010-11 declined to AED 161.9 million representing a year-on-year decrease of 13%. Net profit declined to AED 2.2 million from AED 30.8 million in the previous fiscal year.
Abdullah M. Mazrui, Chairman of TNI commented, “Many would consider the past financial year to be the most difficult since the implosion of the global financial system in late 2008. These challenges were exacerbated in the last quarter of our fiscal year by the unrest in the MENA region, and as a result, our financial performance was adversely affected due to the regional footprint of our business.
“Despite these challenges, we have managed to preserve the integrity of our franchise and the capital of our shareholders.
“We have remained resilient during the financial crisis and the sustainability of our business model has stood the test of time. The UAE and Abu Dhabi in particular present an exciting growth opportunity and we believe TNI has the necessary capabilities to succeed in this growing market and build a position of leadership.”
Speaking on the results, Orhan Osmansoy, CEO of TNI said, “After a promising start, the fiscal year ending 31 March 2011 has proven to be the third consecutive difficult year for our industry driven by an uncertain economic and political environment in the MENA region. Against this backdrop, our consolidated revenues for FY 2010-11 declined to AED 161.9 million. Our net profit declined to AED 2.2 million. Our profitability, despite a decrease in revenues, was partly driven by stringent cost controls that management implemented during the course of the year.
“I firmly believe we have demonstrated our resilience throughout the worst economic and financial crisis by protecting and preserving the interests of our clients and shareholders, and delivering consistent performance. Our prudent management of our balance sheet, fiscal discipline, effective risk management and strong corporate governance ensured that the risk to the equity of our shareholders and capital of our clients was mitigated. Our balance sheet and liquidity remain robust and we continue to lay the groundwork for positioning ourselves in the front ranks of the investment management industry.
“We have a very strong franchise and we endeavor to capitalize on that strength to position TNI as the preeminent investment management and advisory firm in the UAE.”
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About The National Investor: The National Investor (“TNI”) is an Abu Dhabi-based investment company with over 16 years of proven track record in investment banking and, investment management and advisory services. It is one of the leading capital markets players in the Middle East and North Africa (“MENA”) region and an active investor in the local stock markets. The firm was incorporated in 1994 as an investment company, and is licensed and regulated by the UAE Central Bank and the Dubai Financial Services Authority.