Profits up at Jordanian channel firm

Jordanian IT solutions provider Optimiza’s aggressive acquisition policy appears to be paying off after the company revealed first half profits grew an impressive 73% year-on-year to US$690,000.

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By  Andrew Seymour Published  August 17, 2008

Jordanian IT solutions provider Optimiza’s aggressive acquisition policy appears to be paying off after the company revealed first half profits grew an impressive 73% year-on-year to US$690,000.

The 550-strong outfit also succeeded in strengthening its top line figure as sales during the same period rose more than fivefold to US$26m. That revenue figure dwarfs the US$18m it registered for the whole of 2007.

Optimiza bosses attribute the solid performance to organic growth and the takeovers of nine different IT companies in the region. The enterprise specialist remains one of the most acquisitive channel players in the Middle East, snapping up outfits such as G-Tech, Advanced Training Company, Allied Software and Menaltech over the past 18 months.

Hazem Malhas, CEO at Amman-listed Optimiza, says the firm is pleased with its showing during the past six months. “We have signed several new contracts to implement a number of major projects in the region,” he said. “We have also concluded the acquisition of 70% of Royah in Saudi Arabia in a step that enhances our position to expand in the fastest growing markets in the region.”During the first half, Optimiza says the value of its assets almost doubled to US$80.4m compared with the end of last year, while shareholder equity edged up slightly to US$37m.

Optimiza reckons it is on course to reach revenues of US$35m by the end of the year. “The management team’s focus will be on enhancing productivity to improve the profit margins and generate the expected return on investments in mergers and acquisitions,” explained Malhas.

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