AFS net profit rises 21.3pc

Bahrain based Arab Financial Services (AFS), an electronic payments outsourcing services in the region, has reported a net profit of US$6.01 million in 2015. This represents a 21.3 per cent growth over the net profit of US$4.95m in
2014.

Total revenues grew by 10pc to US$29.4m in 2015 from US$26.9m in 2014. Revenues from core card processing business grew by 16pc to US$28.1m from US$24.3m in 2014.

“We are pleased to announce another successive year of increased profits and we continue to deliver sustainable value to our shareholders”, said Chairman, Sael Al Waary.

“In 2015, we reinforced our market position by achieving strong momentum across all our business lines and deepening our relationships with clients. We also strengthened our infrastructure both in technology and people. We signed new customers in 2015 and successfully delivered a range of value added services and products to existing customers. AFS also expanded its geographic reach by opening an office in the UAE and further expansion plans are in motion including acquisition and opening new offices in the region.”

He said that AFS will continue to build sustainable competitive advantage in 2016 by remaining client focused, winning new businesses, delivering operational excellence, introducing innovations to the marketplace, and becoming a Thought Leader in the Payment industry.

AFS CEO, B Chandrasekhar said, “In 2015, AFS implemented a range of value added services including Online Loyalty, Instant Issuance and Analytics for various clients. We also implemented a 24x7 state of the art banking call centre with e-ticketing features in Bahrain and on-boarded several new clients on our debit and credit processing platforms.”

He also said that AFS successfully renewed all its certifications like PCI DSS v.3.0 (Payment Card Industry Data Security Standards), ISO 22301 (Business Continuity Management Systems), Visa and MasterCard, and also achieved ISO27001 (Information Security Management Systems).

“We wish to thank our customers for their continued support and plan to launch new services including contactless payments, m-Commerce and mobile payments, merchant acquiring (including e-Commerce acquiring) and other innovative products for our clients,” Chandrasekhar said.