Tamdeen earnings hit KD 3.3 mln
UWAIT CITY: Kuwait and Middle East Finance and Investment Company (KMEFIC) on July 24, 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 4,063,092 with per share valued at 19.45 Kuwaiti fils compared to KD 2,168,281 with per share valued at 10.49 Kuwaiti fils gained over the same period in 2006. The company earned a profit of KD 6,730,470 with per share valued at 32.38 Kuwaiti fils in the first six months of this year compared to KD 4,670,318 with per share valued at 22.76 Kuwaiti fils gained within the same period in 2006. Note that the net profit includes an unrealized amount estimated at KD 3,303,682 for the first six months that ended on June 30, 2007.
Consequently, the company's Board of Directors will meet on July 25, 2007 to adopt the above mentioned financial statements. KMEFIC is a leading asset management and financial services company that was established in January 1984 by the Bank of Kuwait and the Middle East (BKME) and the Public Authority for Social Security (PASS). In 1987, BKME took full ownership of KMEFIC before listing it on the Kuwait Stock Exchange (KSE) in July 1997. Currently, Ahli United Bank (AUB) of Bahrain owns 11 per cent stake in KMEFIC while BKME maintains a 48 per cent interest.
Al-Tamdeen Investment Company (Al-Tamdeen) on July 23, 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. The company earned a profit of KD 437,195 with per share valued at 1.55 Kuwaiti fils compared to losses incurred within the same period in 2006 amounting to (KD 472,859) with the loss per share valued at (1.67 Kuwaiti fils). Earnings for the first six months of this year amounted to KD 3,311,285 with per share valued at 11.74 Kuwaiti fils compared to KD 2,107,714 with per share valued at 7.43 Kuwaiti fils gained within the same period in 2006. Incorporated as a closed Kuwaiti shareholding company, Al-Tamdeen's capital stands at KD 28.35 million and the major shareholder is Tamdeen Real Estate Company. The main objective of the company is to conduct financial investment transactions in all economic sectors inside and outside Kuwait, perform transactions related to dealing in securities like purchase and sale of shares and bonds of companies and government authorities, and engage in carrying out investment and portfolio management activities. The company is also involved in intermediate lending and borrowing transactions, finance international trading transactions, provide research and studies, and establish and manage various investment funds.
Commercial Facilities Company (CFC) on July 23, 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 10,605,000 with per share valued at 21 Kuwaiti fils compared to KD 10,946,000 with per share valued at 22 Kuwaiti fils gained within the same period in 2006. Profits posted for the first six months of this year amounted to KD 17,077,000 with per share valued at 35 Kuwaiti fils compared to KD 17,039,000 with per share valued at 34 Kuwaiti fils earned within the same period in 2006. Note that the profit for the first six months that ended on June 30, 2007 includes an unrealized amount of KD 3,390,000. CFC was established in 1977 as the first Kuwaiti closed shareholding company specialized in providing installment credit facilities to finance consumer and commercial products. The main services provided by CFC are: financing new and used cars, financing boats and marine equipment, financing furniture and electrical appliances, financing basic construction materials and granting personal cash loans.
The Board of Directors of Al Khaleej Development Company (Tameer) met on July 23, 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 3,495,685 ($12,137,795) with the profitability of each share valued at 22 Kuwaiti fils (7.64 cents) in the first quarter of this year compared to KD 2,460,552 ($8,543,585) with per share valued at 15.5 Kuwaiti fils (5.39 cents) within the same period in 2006.
Earnings for the first six months of this year amounted to KD 6,406,953 ($22,246,365) with per share valued at 40.3 Kuwaiti fils (14 cents) compared to KD 4,646,275 ($16,132,899) with per share valued at 29.3 Kuwaiti fils (10.17 cents) gained within the same period in 2006. Note that the profit for the first six months that ended on June 30, 2007 includes an unrealized amount of KD 241,484 or its equivalent of $838,487.
Al-Madar Finance Company (Al-Madar) on July 23, 2007 obtained approval from the Central Bank of Kuwait (CBK) on the declaration of its interim financial statements for the periods that ended on June 30, 2007. The company earned a profit of KD 3,424,627 with per share valued at 10.25 Kuwaiti fils in the first quarter of this year compared to KD 24,944 with per share valued at 0.08 Kuwaiti fils gained within the same period in 2006. Profits posted in the first six months of this year amounted to KD 4,580,139 with the profitability of each share valued at 13.71 Kuwaiti fils compared to KD 4,295,644 with per share valued at 12.96 Kuwaiti fils earned within the same period in 2006. Note that the profit for the first six months that ended on June 30, 2007 includes an unrealized amount of KD 1,195,549.
The Board of Directors of Arab Real Estate Company (AREC) met on July 24, 2007 and adopted the interim financial statements of the company for the periods that ended on June 30, 2007. The company incurred losses amounting to (KD 829,572) with the loss per share valued at (1.82 Kuwaiti fils) in the first quarter of this year compared to a profit of KD 3,264,933 with earnings per share valued at 8.15 Kuwaiti fils gained within the same period in 2006. Earnings for the first six months of this year amounted to KD 2,377,892 with the profitability of each share valued at 5.22 Kuwaiti fils compared to a profit of KD 846,977 with per share valued at 2.12 Kuwaiti fils gained over the same period in 2006.
Note that the net profit (loss) includes an unrealized amount of (KD 775,802) for the first six months that ended on June 30, 2007. AREC was established in 1976 and now has a capital base of more than KD 38.53 million. It is highly active in real estate, construction and contracting, retail, finance, hotels and resorts, stocks, and other related activities.
The Governing Councils of Kuwait Pipe Industries and Oil Services (KPIOS), National International Holding Company (NIHC), Hilal Cement Company (Hilal) and Pearl of Kuwait Real Estate Company (Pearl of Kuwait) will meet on July 25, 2007 to discuss the respective interim financial statements of their companies for the second quarter of this year ending June 30, 2007. The Governing Council of Kuwait Gypsum Manufacturing Company (KGMC) will meet at 1:00 pm on July 28, 2007 to discuss the interim financial statement of the company for the second quarter of this year ending June 30, 2007.
Bahrain Kuwait Insurance Company (BKIC) on July 24, 2007 completed the procedures for the sale of 3,516,352 shares to Kuwait Investment Projects Asset Management Company (KAMCO) at 0.395 Kuwaiti fils per share with a total value of KD 1,388,959,040. Both parties signed an agreement to complete the rest of the payment procedures. Bahrain Kuwait Insurance Company (BKIC) was established in 1975 with Bahraini and Kuwaiti shareholders. By virtue of its shareholding structure, BKIC is allowed to operate as a national insurance company both in Bahrain and Kuwait the only company to enjoy such a privilege. The company is currently listed on both the Bahrain Stock Exchange and the Kuwait Stock Exchange. BKIC is involved in all classes of insurance with the major categories being fire, general accident, engineering, marine, motor, group life and health.
Kuwait Stock Exchange (KSE) has announced that the International Industrial Projects Group of Companies (IIPGC) changed its name to International Group Holding Company based on the decision made in the ordinary general assembly meeting of the company held on May 20, 2007.
Sultan Center Food Company (Sultan Center) reported that one of its fully owned subsidiaries, the National Energy Company, purchased 12 per cent shares from the KD 10 million capital of Al-Kharif Company for Sale, Maintenance and Repair of Equipment at a total cost of KD 2,462,280.
Gulf Cables and Electrical Industries Comp-any (Gulf Cables) on July 24, 2007 received a purchase order worth KD 1,178,436 that is equivalent to $4,115,372 from an electrical equipment company based in Abu Dhabi, United Arab Emirates (UAE) to supply electric wires within a delivery period of four months.
The Governing Council of Excellent Education Company (EEC) met on July 23, 2007 where they agreed on the following decisions: approval of the sale of the company's assets and notifying the market management of any profits generated at the completion of the sale; approval of the recommendation of the general assembly to increase the company's capital by 294.204 per cent from KD 3,568,950 to KD 10,500,000 with a nominal value of 100 fils per share plus subscription fees of five fils per share for the shareholders registered in the company's records.
National Cleaning Company (NCC) met on July 23, 2007 and adopted the interim financial statements of the company for the periods that ended on June 30, 2007. First quarter earnings for this year amounted to KD 156,229 with per share valued at 3.3 Kuwaiti fils compared to losses of (KD 1,670) with the loss per share valued at (0.03 Kuwaiti fils) incurred within the same period in 2006. Profits earned in the first six months of this year amounted to KD 231,889 with per share valued at 4.9 Kuwaiti fils compared to KD 547,660 with per share valued at 11.6 Kuwaiti fils gained within the same period in 2006. Note that the net profit includes an unrealized amount estimated at KD 114,825 for the first six months that ended on June 30, 2007.
The usual parameters of the Kuwait Stock Exchange declined Tuesday, specifically with regard to quantity, value and the number of transactions. However, the transactions involving non-Kuwaiti stock drove the KSE index up by 72.8 points to close at 12,424.6 points. There was record investment in the shares of the Commercial International Bank (Egypt), in the non-Kuwaiti stock, with share value going up by 101 percent closing at 3.180 dinars per share compared to the previous close of KD 1,600 fils per share. The record increase in the share value of the Commercial International Bank followed four separate heavy transactions involving 15,000 shares each. This drove the non-Kuwaitis sector up by 447 points to close at 9,646.1 points.
Meanwhile, the services sector went up by 100 points to close at 21,459 points. The volume of trade declined to close at KD 295.899 million, down 82 million on Monday's close. The value of traded stock also declined by KD 38 million and settled at KD 137 million with the number of trades closing at 10,246 transactions. The weighted index went up by 2,823 points compared to the same period last year. Moreover, the shares of some 52 companies went up in value on Tuesday with shares of another 44 companies going down and those of 91 other companies remaining unchanged. The shares of the Shuaiba paper company led the way for the losers by witnessing a 7.6 percent decline.
© Kuwait Times 2007
