Dubai: First Energy Bank (FEB) yesterday reported net profit of $3.96 million (Dh14.53 million) for the first quarter, including gross income of $10.32 million in February.
The bank's total assets increased to $1.24 billion. Additionally, the total equity attributable to shareholders rose slightly to $1.01 billion.
Eisam Janahi, Chairman of First Energy Bank, said: "The first quarter's achievements are considered a solid and positive start to the year, and are testament to the attractive investment opportunities we are continuing to provide to our investors.
"We have set some strategically important goals for 2010, and we fully expect to achieve these goals and make 2010 into another successful year for the Bank.
Investment
The first quarter of 2010 was marked by FEB with the floating of the first of two ‘Friede & Goldman Super M2' jackup offshore drilling rigs, which are being constructed at the Maritime Industrial Services yard in Sharjah.
Vahan Zanoyan, CEO of First Energy Bank, said: "Our strategy remains the building of a well diversified portfolio of quality assets in the global energy sector, spanning the entire breadth of the energy value chain, from upstream oil and gas production, to petrochemical, distribution, energy logistics and renewable energy sources."
Last year, also saw the establishment of the Saudi Polysilicon Project; the largest polysilicon production facility of its kind in both Saudi Arabia and the Mena region, which is set to become one of the lowest cost producers of polysilicon products globally.
This project marks the entrance of FEB into the alternative energy industry.
