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TNI declares net profit of AED 3.9 million for the year ending 31 March 2012
Abu Dhabi, UAE, 20June 2012: The National Investor (“TNI”), one of Abu Dhabi’s leading investment management and advisory firms, today announced its results for the fiscal year ending 31 March 2012. The consolidated revenues from continuing and discontinued operations for FY 2011-12increased to AED 107.1 million representing a year-on-year increase of 5%. Net profit increased to AED 3.9 million.
Abdullah M. Mazrui, Chairman of TNI commented, “Our financial performance during the fiscal year 2011-12 reflects an increasingly difficult economic environment. The past fiscal year witnessed unprecedented political unrest in Middle East and North Africa (MENA) region, which coupled with the worsening economic crisis in the European Union made this year to be one of the most difficult since the onset of the global economic downturn. Despite these global and regional economic difficulties, we have remained profitable and mitigated downside risks to our shareholders’ equity.
“We have sustained the economic crisis and bear markets without facing any reputational damage, unlike many of our competitors, and have emerged stronger by adapting to the new commercial and economic climate.”
Speaking on the results, Orhan Osmansoy, CEO of TNI said, “Our financial performance reflects an economic environment that remains distressed. However, despite these challenges we have managed to mitigate the adverse impact on our profitability as much as possible given our prudent financial management and fiscal discipline.
“While our financial performance fell short of expectations, we remained resilient at a time when several of our local and regional competitors had to substantially scale down the size and scope of their activities, suspend commercial operations or file for bankruptcy protection. We have not faced any liquidity constraints or, more importantly, reputational damage in an environment where many of our peers have had to rely on large equity injections from their shareholders to be able to sustain operations.Furthermore, we have remained profitable throughout the worst economic downturn in recent history.
“Looking ahead, we remain optimistic on the future of the firm. We will endeavor to continue building our franchise on the principles of integrity and professional excellence that we have nurtured since our inception in 1994.The profitability and sustainability of our business are the factors that differentiate us from the competition. As market conditions stabilize, we look forward to building on these strengths to creating an even stronger franchise.”