KUWAIT : The Board of Directors of The Commercial Real Estate Company met on Feb 14, 2008 and endorsed the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
Accordingly, the company's profits are estimated at KD 44, 649,904 with per share valued at 31.71 fils compared to KD 35,627,668, which is equivalent to 25.20 fils per share for the fiscal year ending Dec 31, 2006. The net profits include an unrealized amount of KD 22,438,290. The total revenues recorded was KD 4,254,071 while the total expenses was KD 1,977,314. In addition, the Board has recommended the distribution of cash dividends to the existing shareholders by 14 percent of the nominal value of the share, which is equivalent to 14 fils for each share and distribution of bonus shares by 10 percent of the paid capital, that is, 10 shares for every 100 shares.
Note that this recommendation is subject to the approval of the general assembly and other competent authorities.
The Board of Directors of First Investment Company has obtained approval from the Central Bank of Kuwait (CBK) for the declaration of its annual financial statements for the fiscal year ending Dec 31, 2007.
The company earned a profit of KD 25,375,490, which is equivalent to 46.02 fils per share, compared to KD 20,172,493 with per share valued at 41.27 fils for the fiscal year ending Dec 31, 2006. The net profits include an unrealized amount of KD 9,270,060 with total revenues of KD 2,529 and total expenses of KD 1,992,749.
The Board of Directors of United Real Estate Company (URC) met on Feb 17, 2008 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007.
The company gained a profit of KD 10,215,153, which is equivalent to 17.6 fils per share compared to KD 13,524,671 with per share valued at 23.2 fils for the fiscal year ending Dec 31, 2006. The net profits include an unrealized amount of KD 4,400,536 while the total revenues recorded was KD 1,068,899 and total expenses of KD 921,723.
The Board has also recommended the distribution of bonus shares by 10 percent of the paid capital, that is, 10 shares for every 100 shares.
Note that this recommendation is subject to the approval of the general assembly and other competent authorities.
The Board of Directors of Kuwait National Cinema Company (KNCC) met on Feb 17, 2008 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007.
The company posted a profit of KD 9,081,457 with per share valued at 113 fils compared to KD 8,256,120, which is equivalent to 102.12 fils per share for the fiscal year ending Dec 31, 2006. The total revenues recorded was KD 47,994 while the total expenses amounted to KD 239,695.
The Board has also recommended the distribution of cash dividends to the existing shareholders by 35 percent of the nominal value of the share, which is equivalent to 35 fils for each share and distribution of bonus shares by 25 percent of the paid capital, that is, 25 shares for every 100 shares.
Note that this recommendation is subject to the approval of the general assembly and other competent authorities.
The Board of Directors of Burgan Company for Well Drilling (Burgan) met on Feb 14, 2008 and endorsed the company's interim financial statements for the periods ending Dec 31, 2007.
Accordingly, the company's profits are estimated at KD 6,804,304 with per share valued at 43.62 fils in the last nine months ending Dec 31, 2007 compared to KD 6,452,241, which is equivalent to 44.13 fils per share, for the last nine months ending Sept 30, 2006.
Profits posted for the last three months ending Dec 31, 2007 amounted to KD 2,746,486 with per share valued at 17.61 fils compared to KD 2,508,428, which is equivalent to 17.16 fils for the last three months ending Sept 30, 2006. The total revenues recorded was KD 109,642 while the total expenses was KD 224,999.
The Board of Director of Arab Insurance Group Company (ARIG) met on Feb 14, 2008 and endorsed the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
Accordingly, the company's profits are estimated at KD 6,463,000 with per share valued at 40 fils compared to KD 8,778.000, which is equivalent to 30 fils per share for the fiscal year ending Dec 31, 2006. The net profits include an unrealized amount of KD 1,503,000 while the total expenses was KD 699,000.
In addition, the Board has recommended the distribution of cash dividends to the existing shareholders by 7.5 percent of the nominal value of the share, which is equivalent to 20 fils for each share.
Note that this recommendation is subject to the approval of the general assembly and other competent authorities.
The Board of Directors of Union Real Estate Company (UREC) met on Feb 17, 2008 and endorsed the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
The company's profits are estimated at KD 4,267,117 with per share valued at 24.08 fils compared to KD 2,673,609, which is equivalent to 15.03 fils per share for the fiscal year ending Dec 31, 2006. The net profits include an unrealized amount of KD 75,585 while the total expenses was KD 11,159.
The Board has also recommended the distribution of cash dividends to the existing shareholders by 10 percent of the nominal value of the share, which is equivalent to 10 fils for each share and distribution of bonus shares by 5 percent of the paid capital, that is, 5 shares for every 100 shares.
Note that this recommendation is subject to the approval of the general assembly and other competent authorities.
The Board of Directors of Future Communications Company (FUTURE) met on Feb 17, 2008 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007.
Accordingly, the company's profits are estimated at KD 2,936,138 with per share valued at 41.94 fils compared to KD 2,211,151, which is equivalent to 31.59 fils per share for the fiscal year ending Dec 31, 2006. The total expenses amounted to KD 394,895.
In addition, the Board has recommended the distribution of cash dividends to the existing shareholders by 30 percent of the nominal value of the share, which is equivalent to 30 fils for each share and distribution of bonus shares by 5 percent of the paid capital, that is, 5 shares for every 100 shares.
Note that this recommendation is subject to the approval of the general assembly and other competent authorities.
The Board of Directors of Aref Energy Holding Company (Aref) met Feb 14, 2008 and endorsed the company's interim financial statements for the last three months ending Dec 31, 2007.
The company earned a profit of KD 1,233,674 with per share valued at 11.9 fils compared to KD 41,825, which is equivalent to 1.2 fils per share for the last three months ending Dec 31, 2006. The net profits include an unrealized amount of KD 87,018 while the total expenses was KD 128,247. Note the financial year of the company has been changed from Aug 31, 2007 to Dec 31, 2007.
Burgan Bank recently sold the full portfolio of its shares in Bank of Bahrain and Kuwait (BBK) -- about 33 million shares. The bank earned a net profit of KD9 million from this deal, which will be included in its financial statement for the first quarter of 2008.
The board of Directors of Hilal Cement Company (HILAL) will meet at 12:30 pm on Feb 18, 2008 to discuss the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
The Board of Sokouk Holding Company (Sokouk) will meet at 12:30 pm on Feb 19, 2008 to discuss the annual financial statements of the company for the fiscal year ending Dec 31, 2007.
The Board of Directors of Wataniya Telecommunications Company (WATA-NIYA) and Kuwait Resorts Company (MUNTAHAT) will meet at 12:30 pm on Feb 20, 2008 to discuss the annual financial statements of their respective companies for the fiscal year ending Dec 31, 2007.
The general assembly of Al-Ahli United Bank (AUB) will convene at 4:00 pm on March 3 , 2008 at the Sheraton Hotel in Bahrain to discuss the recommendations of the Board of Directors for the financial year ending Dec 31, 2007 as follows:
distribution of cash dividends to the existing shareholders by 14 percent of the nominal value of the share, which is equivalent to 3.5 US cents per share .
distribution of bonus shares by 10 percent of the paid capital, which is equivalent to 10 shares for every 100 shares.
The assembly will also discuss other items in its agenda. Note that this recommendation is subject to the approval of the general assembly and other competent authorities.
© Arab Times 2008
