Wednesday, May 09, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's National Industries Co. (NICBM.KW), or NIC, expects its profit to jump to 11 million Kuwaiti dinars ($39.53 million) in 2012 unless it sets provisions for investment depreciation, Kuwait-based Al Qabas daily reports Wednesday, citing the company's chairman.
The profit surge will result from operating new plants and launching new products in addition to a rise in real estate prices especially that the company owns some real estate properties, Adel Al Sabeeh, NIC's chairman and managing director, said, according to the paper.
The building materials manufacturer, a unit of Kuwait's National Industries Group Holding, had reported a net profit of KWD4.24 million for 2011, according to Zawya.com data.
NIC plans to set up two local factories this year at a combined cost of KWD6 million, and one of them will be operated very soon, the daily cites Sabeeh as saying.
He also said that his company repaid in 2011 its entire sukuk debt worth $100 million and that its ordinary liabilities are limited in proportion to the volume of its operations.
Newspaper website: http://www.alqabas.com.kw/node/73223
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
09-05-12 0509GMT
