EPS figures calculated from Net Profit / 220,000,000 shares outstanding but as the company did not make a profit, PE calculation for Q4 is not very useful. However, 2008 PE estimate based on FY earnings is about 4.0.
Figures for Q4 were not supplied by FH so I've calculated the fourth quarter data from FY and M9 figures but perhaps I've made an error - there's no mention of a poor fourth quarter in the Chairman's Report, which says "Our strategy has served us well thus far", "Our detection of the liquidity crisis was early and our response was swift, and this has helped us weather the turbulence." and "We made profitable exits from several investments during the period leading up to the financial crisis, and had thus considerably reduced our exposure before the market meltdown."
So if anyone would check my figures, that would be great .
FH cash on hand looks low at only AED 2 million (again, I'm blinking wondering if I misread that) out of AED 2.4 billion in total assets, but there is another AED 536 million Due from Banks. There is a Term Loan of AED 99 million listed in the Total Liabilities but I didn't see any more information in the financial accounts about the repayment date.
FH shares are untraded so far this morning, but yesterday fell 5.3% to AED 4.50, and are off by just over 70% from last year's high of AED 15.15 in July 2008.
FH AGM date is 15 February 2009, and the BOD have proposed a 50% cash dividend.
ADSM 20 January 2009 (am):
(FH) Finance House discloses Annual financial results for 2008
ADX 20 January 2009 (am):
(FH) Result of Finance house board meeting and approved distribution of cash dividend
(FH) Finance House discloses BOD Report on Annual financial results for 2008
FH Chairman's Report 19 January 2009:
Chairman's Report for the year ended 31st December 2008
On behalf of my fellow members of the Board of Directors of Finance House, I am very pleased to present the financial statements of Finance House pjsc as at 31st December 2008. We achieved a net profit of AED 248.8 million as against AED 202.8 million in 2007 - an increase of 23%. Total assets grew to AED 2.42 billion, recording an increase of 12% over the figure of AED 2.16 billion as at 31st December 2007. The Board has recommended a cash dividend distribution of 50%.
Our 2008 performance bears testimony to the strengths we have built up over the past four years since inception. Our strategy of growth with restraint during the economic boom and our decision to hold back on residential mortgages paid off. Our detection of the liquidity crisis was early and our response was swift, and this has helped us weather the turbulence. As at 31st December 2008 our Shareholders' Equity stood at AED 795 million and this is after distributing an AED 150 million dividend to shareholders in 2008. This strength of the company's capital base gives us a strong platform for future growth. We did not have any exposure to either US or European assets, and this is due to our stringent criteria towards undertaking exposures.
Our Loans and advances grew 63% over the previous year's level, to AED 1.15 billion, both the commercial and retail portfolios having recorded significant increases. Over the same period, customer deposits grew 52%, to AED 1.08 billion. We made profitable exits from several investments during the period leading up to the financial crisis, and had thus considerably reduced our exposure before the market meltdown.
Our strategy has served us well thus far, and we will continue to concentrate on developing innovative niche products that will offer us the best returns without taking excessive risk. We go into 2009 with a strong capital base, a consistent business strategy, and a well diversified portfolio. We will be selective in looking at transactions, keeping in view the need to balance the rewards against the various risks that such opportunities may entail. We are ready for the interesting opportunities that are being thrown up by a rapidly changing market.
Finance House AGM yesterday evening approved a 100% cash dividend (proposed dividend was 50%). Works out to a generous dividend yield of about 11%. FH shares were up and down today but in the end, closing price was 10% limit up at AED 4.63 per share with no sellers in the queue. Overall increase for the day was 3.1%.
Last trading day for dividend eligibility is 23 February 2009
FH shares ex-dividend 24 February 2009
Record date 25 February 2009
Payment date not supplied
Additional disclosure clarifies that holders of new shares issued last year from the convertible bond would not receive the cash dividend.
ADX 16 February 2009 (am):
(FH) dividend clarification of Finance House
(FH) Result of Finance House AGM
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