Earnings show company's solid foundation: Al-Ameer
KUWAIT CITY, April 13: Gulf Holding Company (GHC) achieved a net profit of KD 4.115 million, which is equivalent to $14.205 million, in 2010 with share profit of 4.86 fils while the total rights of shareholders amounted to KD 102.58 million. These profits depict the solid foundation of the company as it has succeeded in continuing its operations despite the global financial crisis.
GHC Deputy Chairman and Managing Director Ahmed Al-Ameer confirmed the company easily adapted to the latest developments in the local and regional bourses, proving its commitment to execute its strategic plans to actualize its advancement objectives through the concerted efforts of its skilled and excellent executives, who work painstakingly for the company's development. He asserted the company is bent on carrying out its vision through different projects in Bahrain and Morocco. He assured the investors and clients that KEC remains committed to achieve its goals through various projects in accordance with the specified timeframe.
Stating the positive financial results of the company over the last four years prove the success of its investments in different stock markets, Al-Ameer stressed KEC has achieved a lot in spite of the global financial meltdown. He said the international markets have started recovering from the crisis and this means more profits for the shareholders, while solidifying the trust of investors in the company and its management.
Al-Ameer confirmed the company will present these results during its 13th general assembly meeting in May 2010. He explained the value of KEC's assets increased to KD 194.73 million in 2009 -- a 5.3 percent growth compared to 2008. He said the rights of shareholders increased to KD 102.577 million -- a 6.8 percent growth, which is another remarkable achievement for the company.
As part of the company's commitment to be transparent in its operations, Al-Ameer disclosed the general assembly meeting will be open for discussion and suggestions in line with their primary objective to make more profits and increase the rights of shareholders who have bestowed their trust in the company for many years. He said this is also aimed at realizing the vision of the company to become one of the biggest investment companies in the region.
On the major objectives of the company for 2010, Al-Ameer revealed the company is working hard to be enlisted in the Kuwaiti bourse this year as a prelude to its long-term vision of transforming into a major regional holding company. He asserted the company is in the advanced stages of the listing process in coordination with its Cap Corp Company to meet all the specified conditions in this regard.
Asked about his expectations this year, Al-Ameer pointed out the company is moving on solid ground to overcome all the challenges from the international financial meltdown and continue making profits.
© Arab Times 2010
