Manama: Bahrain-based Arab Financial Services (AFS), a provider of electronic payments outsourcing services in the region, has reported a net profit of $6.01 million last year.
This represents a 21.3pc growth over net profit of $4.95m in 2014.
The firm said total revenues grew by 10pc to $29.4m last year from $26.9m in 2014.
Revenues from core card processing business grew by 16pc to $28.1m from $24.3m in 2014.
“In 2015, we reinforced our market position by achieving strong momentum across all our business lines and deepening our relationships with clients,” said chairman Sael Al Waary.
“We also strengthened our infrastructure in both technology and people and signed new customers, delivering a range of value-added services and products,” he added.
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 AFS will look to build sustainable competitive advantage this year “by remaining client focused, winning new businesses, delivering operational excellence, introducing innovations to the marketplace, and becoming a thought leader in the payment industry”.
Chief executive B Chandrasekhar said it implemented a range of value-added services including Online Loyalty, Instant Issuance and Analytics for various clients.
“We also implemented a 24x7 banking call centre with e-ticketing features in Bahrain and on-boarded several new clients on our debit and credit processing platforms.”
New launch plans include contactless payments, m-Commerce and mobile payments, merchant acquiring (including e-commerce acquiring) and others, he added.
&uuid=(email))