RS2 Software plc chief executive officer Mario Schembri is to replace current chairman ­Reinhold Schäffter by the end of the year, Mr Schäffter told the card payments solution global provider’s annual general meeting earlier this month.

Radi El Haj, who has been a key member of RS2’s team for the past 15 years and is responsible for business development, will step in as new chief executive officer.

Mr Schäffter, who said he wanted to “make room for the younger generation to flourish in the business”, will remain active within the group to focus mainly on the Asian region.

RS2 announced net profits after tax of over €2 million, confirming RS2’s strong position within this global sector as a result of its consistently improving Bankworks payment solution system and heavy investments in consolidating their current markets and starting new operations in Asia and the US.

“We have always believed in the philosophy of never rushing blindly into our business: we research, learn, consolidate and move forward. In this way, as we near our 25th anniversary, we are year after year reaping the fruits of our investments in a solid product, a young, intelligent and dynamic team, and experienced management,” Mr Schembri told shareholders at the Westin Dragonara Resort, St Julian’s.

A dividend of 3c2 per share was recommended and approved during the meeting. This amounted to a total dividend of €1.2 million. RS2 attained achievements in various markets last year, particularly in Germany where RS2 has signed its first client, and the Asian market, obtaining its first client in the Philippines.

The company also continued to invest in its US subsidiary and is benefitting from exposure in the US market even though this entity is still not generating profits.

RS2 has since concluded three new contracts in the US, two in 2010 and one early in 2011, while signing a contract with a bank in Greece with the product for this bank already defined and expected to go live in the coming year.

Mr Schembri affirmed that more than ever RS2 continues to focus on marketing and networking, following the participation in 2010 at two of the most popular trade shows in Dubai and Singapore. RS2 will also continue to invest both locally and abroad Mr Schembri said, citing the work on the company’s new premises in Mosta.

Mr El Haj explained how RS2 was set to focus on the key Chinese and the US markets. Bankworks, he stressed, has significant potential in the American market notwithstanding the market’s maturity level and fierce competition.

The Chinese card payment market is still in its infancy and the shift from the use of cash towards cards and online payment provides an opportunity for RS2 to market the suite in this market.