First Invest Co posts KD 21.3m Q3 profit
KUWAIT CITY: Kuwait Stock Exchange (KSE) announces that the Board of Directors of First Investment Company met on Sunday Nov 4 and adopted the financial statements of the company for the periods that ended on Sept 30, 2007. The company posted the third quarter profit of KD 21,307,182 with earning per share valued at 40.03 Kuwaiti fils compared to KD 17,790,772 with earning per share of 38.49 Kuwaiti fils during the corresponding period last year. Note that net profit includes unrealized profit worth KD 6,948,783 unrealized revenue worth KD 24,150 and unpaid dues worth KD 1,724,438. Earnings for the three months ending Sep 30, 2007 amounted to KD 7,940,783 with earnings per share of 13.51 Kuwaiti fils and the profits for the same period last year amounted to KD 6,531,239 with earnings per share of 14.16 Kuwaiti fils.
Kuwait Stock Exchange announces that further to the previous report dated Aug 4, 2007, Arab Real Estate Company (AREC) wishes to clarify about the acquisition of land in Dubai. The company reported that it had signed the final contract with The Lagoons, a subsidiary of Sama Dubai for the purchase of 80 per cent of the land in Naameh island with an area of 3,216,112 square feet, the total value of the land is worth AED 1,341,866,050. The second installment payment is estimated at KD 5,100,000, making the total of the two installments amount to KD 10,283,752. AREC will be setting up a new company to develop the land into a project. According to the company, the land will be re-evaluated when the new company is established and any increase will be added to the value of installment payment.
AREC has succeeded in the formation of strategic alliance with two international organizations for subscription in excess of 50 percent of the capital of the new company, which has an estimated capital of $500,000,000. The estimated total investment cost of the project named The Arabian Gardens is $1.2 billion, and the total value of the land after construction is estimated at AED 3,000,000 in the period ranging from three to four years.
Kuwait Privatization Project Holding Company (KPPC) met on Sunday Nov 4 and adopted the financial statements of the company for the periods that ended on Sept 30, 2007. The company posted a profit of KD 2,433,071 with EPS of 6.5 Kuwaiti fils for three months ending on Sep 30, 2007 and for nine months ending Sep 30, 2007 it recorded a profit of KD 9,934,453 with EPS 26.7 Kuwaiti fils. Note that net profit includes unrealized profits worth KD 4,092,955, unrealized revenue worth KD 4,588,849 and unpaid dues worth KD 159,576. During the corresponding period last year, the company earned a profit of KD 1,273,270 with EPS 3.4 Kuwaiti fils for three months ending Sept 30, 2006 and a incurred a loss of KD 992,883 with EPS of (2.6) Kuwaiti fils for nine months ending on Sept 30, 2006.
Kuwait Stock Exchange (KSE) announces that the Board of Directors of Kuwait Insurance Company met on Sunday Nov 4 and adopted the financial statements of the company for the periods that ended on Sept 30, 2007. The company posted the third quarter profit of KD 12,853,928 with earning per share valued at 66.24 Kuwaiti fils compared to KD 8,563,157 with earning per share of 44.13 Kuwaiti fils during the corresponding period last year. Note that net profit includes unrealized profit worth KD 10,209,798, unrealized revenue worth KD 1,331,204 and unpaid dues worth KD 247,810. Earnings for the three months ending Sept 30, 2007 amounted to KD 29,799 with earnings per share of 0.15 Kuwaiti fils and the profits for the same period last year amounted to KD 1,268,322 with earnings per share of 6.54 Kuwaiti fils.
The Board of Directors of Metal and Recycling Company (MRC) met on Nov 1 and adopted the financial statements of the company for the periods that ended on Sept 30, 2007. The company posted the third quarter profit of KD 1,372,887 with earning per share valued at 19.45 Kuwaiti fils compared to profit of KD 1,779,435 with earning per share of 31.25 Kuwaiti fils during the corresponding period last year. Note that net profit includes unrealized profits amounting to KD 61,965 and unrealized revenue worth KD 3,045. Earnings for the three months ending Sept 30, 2007 amounted to KD 333,424 with earnings per share of 4.32 Kuwaiti fils and the profit earning during the same period last year amounted to KD 355,115 with earnings per share of 6.17 Kuwaiti fils. 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
