Al Ameer: More than KD 4 Million in Net Profits During 2009 Despite the Financial Crisis
Gulf Holding Company K.S.C. (Holding) made a net profit of KD 4.115 million during 2009, which is equivalent to $ 14.25 million, while the earning per share stood at 4.86 fils, and the shareholders' equity rose to KD 102.58 million. The results confirm the strength and robust position of the Company despite the continued impact of the global financial crisis.
Commenting on these results, Ahmed Al Ameer, Vice- Chairman and Managing Director, said: "The Company has acclimatized to the economic developments on the local and regional markets, and proved, by continuing to implement its strategic plan, that it can make more success and progress thanks to the efforts of a distinguished and dedicated management team keen to ensure continued growth and progress for the company."
He said that the Company continued to implement its ambitious strategy through its diversified projects in the Kingdoms of Bahrain and Morocco at the same time, proving to its investors and customers that it is important to realize its objectives and to complete the projects according to its set plan.
Mr. Al Ameer said: "Realizing good financial results over the past four years is a testimony to the success of our business plan in investing on the markets despite continued repercussions and volatilities on the global financial markets, which will hopefully recover in the near future, promising more positive results to our investors and shareholders and thus enhancing their trust in the Company and its management."
He added that Company will submit the results of its performance to the Ordinary General Assembly during its meeting on May 13, now that its total assets rose to KD 194.73 million during the year 2009, a rise of 5.3% over the previous year. At the same time, shareholders' equity rose to KD 102.577 million, a rise of 6.8 percent, which is another achievement made by the Company to its shareholders who have reposed their trust in it and given it their full and unqualified support over this period.
Mr. Al Ameer said: "Based on the principles of transparency, the General Assembly's next meeting will be open for discussion and suggestions, considering that the objective of all stakeholders is to continue to post profits and increase the shareholder's equity to make Gulf Holding Company one of the strongest and most successful investment companies in the region."
Al Ameer added: "We are targeting listing the Company's shares on the Kuwait Securities Exchange, and this is one of our top priorities for the year 2010, in line with our long term vision to become a reliable holding regional company. We have made large strides in this respect and our discussions with our consultants Cap Corp have gone a long way to list the Company by fulfilling all conditions and requirements. We have also provided the Stock Exchange with all the necessary information, and we are currently waiting their response."
As regards his projections for the year 2010, Mr. Al Ameer said: "The Company is moving with firm and sure steps, and it is able to overcome the effects of the global financial crisis and make more profitability in the future, thanks to the strenuous efforts and co-ordination of all stakeholders."
-Ends-
Gulf Holding Company
© Press Release 2010
