KUWAIT : Kuwait Stock Exchange (KSE) announces that the Board of Directors of Independent Petroleum Group (IPG) met Jan 13 and discussed financial results of the company for the financial year ending Dec 31, 2007, prepared by the Financial Department of the company, which has not been completed auditing by external auditors. Accordingly, the company's profit for the financial year ending Dec 31, 2007 estimated around KD 6,724 million equivalent to 44.51 Kuwaiti fils per share, compared with the gain of KD 6,089 million for the fiscal year ending Dec 31, 2006, the equivalent of 40.02 Kuwaiti fils per share. Note that the profit in the fiscal year ending Dec 31, 2007 includes unrealized profits amounting to KD 1559 million.
In addition, the Governing Council recommended the distribution of cash dividend by 30 percent of the nominal value of shares, equivalent to 30 Kuwaiti fils per share, for the fiscal year ending Dec 31, 2007 or 60 percent of net profits in 2008 to whichever is more. Note that this recommendation will be applied in the case the company earns a profit at the end of 2008. Note that this recommendation is subject to approval by the general assembly of the company and the competent authorities. The company will provide the Kuwait Stock Market with the finalized Financial results after the completion of scrutiny by auditors.
Gulf Petroleum Investment Company (GPI) reported the resignation of the Vice Chairman of the Board Mr. Bader Farouk Al-Yahya from the Council.
Al-Enma'a Real Estate Company (ERESCO) announces that the Chairman of the Board and Managing Director of the company expressed his desire to resign from the membership of the Board of Directors and executive management as of Feb 1, 2008. The Council has decided to approve the resignation. Accordingly, the company reported that other board members have decided to resign also must submit their resignation at the general assembly of the company, which will be held on Jan 31, 2008 to elect a new board.
Combined Group Contracting Company (CGC) would like to clarify on what was published in a local newspaper about the tender awarded to the company. The company reported that it received the second lowest prices in the auction of the Ministry of Public Works for the object creation, delivery, maintenance and furnishing of the headquarters of the Environment Public Authority located in Shuwaikh, with a gross value KD 14,988,000, for a period of 24 months. The company reported that it had not received any formal letter from the Central Commission to date, the company will provide market management of any developments in this regard in due course.
Kuwait Commercial Market Complex Company, Industrial Investment Company, Commercial Real Estate Company and Haj and Umrah Services Consortium Company to what was published in a local newspaper dated Jan 13, 2008, on the existence of negotiations with the Saudi company for the sale of 10 houses for SAR 750 million. According to these companies that these negotiations have not yet reached a final outcome. The company will notify the market management in case they reach a final agreement in a timely manner. Note that Kuwait Commercial Market Complex Company owns 25 percent of the above mentioned property, Commercial Real Estate Company own 30 percent, while Industrial Investment Company and Hajj and Umrah Services Group own 10 percent and 7 percent respectively.
The Board of Directors of the National Company for Consumer Industries (NCCI) will meet on Jan 15 at 12:30, in order to discuss the annual financial statements of the company for the year ending Dec 31, 2007.
The governing council of Kuwait Educational Services will meet on Jan 15, at 12:30 to discuss the financial statements of the company for the first quarter ending Nov 30, 2007. The general assembly meeting of the company was convened on Monday, Jan 14, 2008 and the council recommended the distribution of bonus shares by 15 percent of the paid-up capital (15 shares for every 100 shares) for the financial year ending Aug 31, 2007. The bonus shares will be distributed as of Jan 15.
The board of directors of Jeeran Holding Company met on Monday, Jan 14, 2008, and adopted Financial data of the company for the periods ending Nov 30, 2007 earning a profit of KD 3,580,997 for the nine months ending Nov 30, 2007. The company's earnings per share amounting to 25.30 Kuwaiti fils. For the three months period ending Nov 30, 2007 the company earned KD 1,217,658 with the earnings per share of 8.63 Kuwaiti fils. Note that the net profit includes unrealized profits worth KD 189,344 During the three months ending Nov 30, 2006, it earned a profit of 718,945 with the earnings per share of 5.04 Kuwaiti fils and for the nine months ending Nov 30, 2006 the company achieved a profit of KD 4,130,769 with the earnings per share of 28.92 Kuwaiti fils.
The Board of Directors of Eyas for Higher and Technical Education met on Monday, Jan 14, 2008 and adopted the financial statements of the company for the three months ending Nov 30, 2007. The company earning net profit of KD 619,208 for the three months ending Nov 30, 2007 with EPS amounting to 5.63 Kuwait fils compared to profit of KD 721,341 and with EPS amounting to 6.56 Kuwait fils for the three months ending Nov 30, 2006. Note that the net profit for the three months ending Nov 30, 2007 includes unrealized losses worth KD 95,552, Unrealized revenue worth KD 9,030 and outstanding expenses amounting to KD 182,967.
© Arab Times 2008
