NIC reports KD 34.5m H1 profit
KUWAIT CITY: National Investments Company (NIC) on July 26, 2007 obtained approval from the Central Bank of Kuwait (CBK) to declare its interim financial statements for the periods that ended on June 30, 2007. First quarter profits for this year amounted to KD 27,871,986 with per share valued at 39 Kuwaiti fils compared to KD 11,339,244 with per share valued at 16 Kuwaiti fils gained over the same period in 2006. The company earned a profit of KD 34,480,089 with per share valued at 49 Kuwaiti fils in the first six months of this year compared to KD 23,437,025 with per share valued at 33 Kuwaiti fils gained within the same period in 2006. Note that the net profit includes an unrealized amount estimated at KD 16,380,954 for the first six months that ended on June 30, 2007.
NIC is a leading Kuwaiti investment house publicly traded on the Kuwait Stock Exchange (KSE) and licensed and regulated by the Central Bank of Kuwait (CBK). With a paid-in-capital of KD 51.24 million, NIC is an active player in various sectors of the local, Arab and international markets. The company boasts a large and diversified shareholder base and includes some of Kuwait's most prominent institutions and high net-worth individuals. Established in 1987, the company's focus was on real estate and private equity investments in the local and international markets. In 1994, following its re-listing on the KSE, NIC made a strategic decision to provide financial and wealth management services to both institutional and private investors, and expanded its scope of activities to include fund and portfolio management, treasury services, international brokerage and corporate finance.
The Board of Directors of Arab Insurance Group (AIG) met on July 25, 2007 and adopted the interim financial statements of the company for the periods that ended on June 30, 2007. The company earned a profit of KD 3,156,000 ($10,953,000) with the earnings per share valued at 14 Kuwaiti fils (0.05 cents) compared to KD 183,000 ($633,000) with the profit per share valued at nine Kuwaiti fils (0.003 cents) gained over the same period in 2006. Profits posted for the first six months of this year amounted to KD5,356,000 ($18,591,000) with the profitability of each share valued at 26 Kuwaiti fils (0.09 cents) compared to KD 2,499,000 ($8,648,000) with per share valued at 11.6 Kuwaiti fils (0.040 cents) earned within the same period in 2006. Note that the net profit includes an unrealized amount (losses) estimated at (KD 2 million) or its equivalent of ($6,800,000) for the first six months that ended on June 30, 2007.
AIG is one of the largest Arab-owned reinsurance organizations in the Middle East and North Africa (MENA) region. Established in 1980 by the governments of Kuwait, Libya and the United Arab Emirates, it has become one of the leading Arab reinsurers with a sound reputation as a dependable partner for the insurance industry in the region.
Kuwait Stock Exchange (KSE) has announced that Gulf Insurance Company (GIC) reportedly collected debts valued at KD 1,959,051 concerning its operations and investment. The company has yet to release a statement on its collection of indebtedness. The amount will be included in the company's profits for the third quarter of this year ending Sept 30, 2007. GIC was established in 1962 and over the years it has grown from being a leading personal and commercial insurer in Kuwait into a regional insurance solutions provider.
The Board of Directors of Kuwait Gypsum Manufacturing Company (KGMC) met on July 28, 2007 and adopted the interim financial statements of the company for the periods that ended on June 30, 2007. The company earned a profit of KD 159,614 with the earnings per share valued at 5.32 Kuwaiti fils while the profits posted for the first six months of this year amounted to KD 304,267 with the profitability of each share valued at 10.14 Kuwaiti fils. No periods of comparison were reported as the company has been incorporated at the Kuwait Stock Exchange (KSE) on Sept 25, 2006.
KGMC was established in 1983 with its state of art production facility at Mina Abdullah producing in excess of one hundred tons of calcinated Gypsum powder per day. This material, Plaster of Paris, is used to make the extensive K-GYPS range of plaster based building boards, blended plasters and jointing materials.
The Board of Directors of Metal and Recycling Company (MRC) met on July 25, 2007 and adopted the interim financial statements of the company for the periods that ended on June 30, 2007. The company earned a profit of KD 511,689 with the earnings per share valued at 6.65 Kuwaiti fils compared to KD1,305,771 with the profit per share valued at 23.74 Kuwaiti fils gained over the same period in 2006.
Profits posted for the first six months of this year amounted to KD 1,039,463 with the profitability of each share valued at 15.46 Kuwaiti fils compared to KD 1,379,774 with per share valued at 25.08 Kuwaiti fils earned within the same period in 2006. Note that the net profit includes an unrealized amount estimated at KD 149,219 for the first six months that ended on June 30, 2007.
The Governing Council of Al-Kout Food Company (Al-Kout) will meet at 1:00 p.m. on July 31, 2007 to discuss the interim financial statements of the company for the second quarter of this year ending June 30, 2007. In 1987, MRC was established under the name Kuwait Metal Collecting and Shredding Company. Since inception, MRC has been active in scrap items, machinery and waste sorting, shredding, dismantling, repairing and reselling. This, in addition to waste recycling, auction and demolition management, industrial and handicraft areas construction as well as environment protection and development services in and outside Kuwait. In 1995, MRC was listed in the Kuwait Stock Exchange (KSE).
Arab Times 2007
