Long term strategy paid off well: Awadi
KUWAIT CITY, Feb 15: FCCG earns a net profit of 3.215 million Kuwaiti Dinars in the fiscal year ended Dec 31, 2010, a slight decrease compared to that financial period last year and indicates that all profits were operational as it came from a variety of sources. Muthanna Mohammed Al-Hamad FCCG chairman said today that operating revenues amounted to about KD 48.982 million compared to KD 52.885 million for the same period last year, the profit per share 39.68 fils and total assets KD 20.5 million. Al-Hamad Added "This year has witnessed significant competition attributed to the changes that take place in the global telecommunications markets and local communities, by Grace of God we were able to achieve an remarkable operating profit, which was not easy for the executive management but they managed to overcome this stage, and achieve good financial performance."
FCCG -- CEO Salah Al-Awadhi said that "The company faced this year a variety of obstacles, and we overcome all obstacles without effecting us in anyways. We maintained our results and profitability by successfully maintaining the expenses in tough economic conditions experienced by the market. We expanded our range of product and added new lines of product in all five subsidiary of FCCG to keep our net profit at very good level. We all appreciate the net profit achievement, which we consider to be a breakthrough in the current circumstances". He pointed out that a minute decline in net profit resulted from the differences in exchange rates of currencies in the recent period as, "Despite the intensity of competition, which is clearly visible in the communications markets in recent years, and we are continuously achieving profit year on year since the inception of the company."
He emphasized that such achievement is feasible due to foresightedness and well planned diversity of the company's activities. The long term strategy developed by the company has paid off well at right time. It moved the company in path of progressive achievement in adverse economical condition.
He added that "The company retained qualified staff including engineers, technicians and administrators and developed them by providing apt training courses, as per planned, which keep the staff abreast with technological development and new methodologies. As company has strong belief that human resource is the investment for continuous growth and success."
Al-Awadi said that FCCG is the sole holding company in the Middle East with five specialized subsidiaries in various field of communication covering entire spectrum of telecommunication services and information technology under one umbrella. These subsidiaries cooperate well at the edge of integrating of these services and provide the integrated solution to its esteem clientele.
Al-Awadhi expressed his thanks to entire team of FCCG stating that "The break through achievement of FCCG and its subsidiaries come from employ dedication, loyalty, integrity, collectiveness and team work."
© Arab Times 2011
