National Investor registers 94% decline in net profit

Abu Dhabi-based investment and merchant banking conglomerate The National Investor's (TNI) has recorded sharp decline of 94.7% in net profit which stood at Dh 6 million for the year ended March 31, 2009 as compared Dh113 million in the previous year.

The company has attributed this sharp dip to the global economic crisis.

Describing the past year as one of the most challenging ever faced by the Abu Dhabi-based investment and advisory company, TNI's Chairman Abdullah M Al Mazrui said: "I feel satisfied with the achievements of our team during the past year. Our employees combined their expertise to protect TNI's franchise in an environment characterised by financial turmoil and uncertainty.”

The company stated in a communiqué that during the year, the firm continued to consolidate its balance sheet by optimising its capital structure and maintaining high levels of liquidity.