KUWAIT : The Board of Directors of Al-Ahli United Bank (AUB) met on Feb 11, 2008 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007. The bank gained a profit of KD 82,376,200 with per share valued at 25.3 fils compared to KD 57,679,377 that is equivalent to 17.8 fils per share for the fiscal year ending Dec 31, 2006. Note that the net profits include an unrealized amount of KD 907,836. The total revenues recorded was KD 4,714,099 while the total expenses was KD 45,812,729. In addition, the Board recommended the distribution of cash dividends to the existing shareholders by 14 percent of the nominal value of the share, which is equivalent to 9.7 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 Central Bank of Kuwait (CBK) has endorsed the financial statements of Kuwait Financial Center (KFC), Markaz, for the fiscal year ending Dec 31, 2007.
KFC earned a profit of KD 27,017,000 with per share valued at 65 fils compared to KD 5,346,000, which is equivalent to 13 fils per share for the fiscal year ending Dec 31, 2006. Note that the net profits include an unrealized amount of KD 4,561,000.
Note that the company's Board met on Feb 12, 2008 to endorse the financial statements and recommend the distribution of profits for the financial year ending Dec 31, 2007.
The Board of Directors of Qurain Petrochemical Industries Company (QPIC) met on Feb 11, 2008 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007.
The company earned a profit of KD 14,802,123, which is equivalent to 13.47 fils per share compared to KD 21,600,191 with per share valued at 21.93 fils for the fiscal year ending Dec 31, 2006. Note that the net profits include an unrealized amount of KD 6,357,118. The total revenues recorded was KD 205,476 while the total expenses was KD 606,000.
In addition, the Board has 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.
Note that this recommendation is subject to the approval of the general assembly and other competent authorities.
Arab Insurance Group Company (ARIG) has announced its annual financial statements for the fiscal year ending Dec 31, 2007 as follows:
The company's profits are estimated at KD 6,446,521 with per share valued at 30.47 fils compared to KD 8,434,999, which is equivalent to 38.78 fils per share for the fiscal year ending Dec 31, 2006. Note that these results were prepared by the Financial Department and are yet to be endorsed by the Board of Directors and auditors. The Board will meet on Feb 14, 2008 to discuss the financial statements.
The Board of Directors of Ajial Real Estate Entertainment Company (Ajial) met on Feb 11 , 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 6,655,027 with per share valued at 39.83 fils compared to KD 4,076,263 that is equivalent to 24.30 fils per share for the fiscal year ending Dec 31, 2006. Note that the net profits include an unrealized amount of KD 4,893,191.
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 First Dubai for Real Estate Development Company (First Dubai) met on Feb 11, 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 4,525,026 with per share valued at 22.55 fils compared to KD 3,283,356, which is equivalent to 16.42 fils per share for the fiscal year ending Dec 31, 2006. The net profits include an unrealized amount of KD 719,824. The total revenues recorded was KD 1,148,129 while the total expenses amounted to KD 1,808,598.
The Board has also recommended the distribution of cash dividends to the existing shareholders by 5 percent of the nominal value of the share, which is equivalent to 5 fils for each share and distribution of bonus shares by 10 percent of the paid capital, which is equivalent to 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 Credit Rating and Collection Company (CRCC) met on Feb 11 , 2008 and endorsed the company's annual financial statements for the fiscal year ending Dec 31, 2007.
The company's profits are estimated at KD 1,333,196, equivalent to 8.08 fils per share compared to KD 1,476,034 with per share valued at 9.73 fils for the fiscal year ending Dec 31, 2006. Note that the net profits include an unrealized amount of KD 735,869.
The Board has also recommended not to distribute profits for the financial year ending Dec 31, 2007. This recommendation is subject to the approval of the general assembly and other competent authorities.
The general assembly of Gulf Finance House (GFH) will convene at 12:00 pm on Feb. 17, 2008 in the Diplomat Hotel in Bahrain to discuss the recommendation of the Board of Directors on the company's financial statement for the fiscal year ending Dec 31, 2007 as follows:
distribution of cash dividends to the existing shareholders by 85 percent of the nominal value of the 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 the recommendation of the Board on increasing the company's capital to $500 million. 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. In case of lack of quorum, the meeting will be rescheduled on Feb 25, 2008 at the same time and place.
Kuwait Commercial Complex Company (KCCC) wishes to clarify what was published in one of the local newspapers regarding its negotiation with a local company for selling a stake in Al-Maqam Tower, KCCC said Al-Maqam Tower is currently in the initial stages of negotiations with many local and foreign companies. In case of reaching an agreement with any of these companies, KCCC will immediately make an official announcement on the issue.
Following are the companies owning shares in Al-Maqam Tower: KCCC with 25 percent, The Commercial Real Estate Company (CREC) with 30 percent , Industrial Investment and Financial Company (IIFC) with 10 percent , Mashaer Haj and Umra Company (Mashaer) with 5 percent , Al-Maa Real Estate Company (Al-Maa) with 5 percent and Bin Laden Saudi Group Company (BLSGC) with 25 percent.
Educational Group Holding Company (EGHC) elected new members of its Board of Directors in a general assembly meeting held on Jan 14, 2008 as follows:
Dr Abdul-Rahman Saleh Al-Muhailan was elected as Board Chairman; Salah Mohammed Al-Wazan as Deputy Board Chairman; and Abdul-Aziz Yusef Al-Wazzan, Mutasam Al-Shahabi, Ali Abdullah Al-Shamlan, Suleiman Mazouq Al-Alwan and Ahmed Abdul-Aziz Al-Ghannam as members.
The Board of Directors of Kuwait Privatization Projects Holding Company (KPPHC), Al-Themar International Holding Company (Al-Themar) and Kuwait Insurance Company (KIC) will meet on Feb 13, 2008 to discuss the annual financial statements of their respective companies for the fiscal year ending Dec 31, 2007.
Also, the Board of Burgan Oilfields Drilling Company (BODC) will meet at 12:30 pm on Feb 14, 2008 to discuss the company's interim financial statements for the fiscal year ending Dec 31, 2007.
The Board of Future Communications Global Company (FGC) will meet at 1:00 pm on Feb 17, 2008 to discuss the company's annual financial statements for the fiscal year ending Dec 31, 2007.
National Cleaning Company (NCC) signed two contracts valued at KD 1.4 million.
According to Kuwait Stock Exchange (KSE) on Tuesday, NCC's first contract was for auxiliary cleaning in Bahrain's northern, central, and southern governorates. The six-month contract was valued at KD 609,000.
The second contract was to handle packing and cleaning plants of Petrochemical Industries Company (PIC) for four years with the value of KD 859,008.
Established in 1979, NCC provides cleaning services within and outside Kuwait.
© Arab Times 2008
