IFA profits hit KD 56.6m
KUWAIT CITY: International Financial Advisors (IFA) announced profits of KD 56.6 million (inclusive of minority interest share of KD 12.9 million for the first 6 months of 2007 compared to unrealized losses of KD 20.3 million for the same period of the previous year. The company's revenues reached KD 70.14 million and the reported earnings per share was 104.7 fils. Shareholders' equity at the end of the current period totaled KD 221.4 million compared to KD 187.2 million for the previous period. Jassim M. Al-Bahar, Chairman & CEO of IFA stated that these profits were the result of the company's strategy based on two pillars, the first focuses on asset management, funds, financial services and direct investments while the second pillar focuses on hospitality industry related to hotels and resorts.
The company's performance was further boosted due to the strong operational results achieved by IFA's associates and subsidiaries. It is worth mentioning that IFA Hotels and Resorts has achieved KD 23.0 million out of which KD 11.4 million were booked as profits in the parent company's financials (57 percent share). Moreover, IFA Investment Fund and IFA Islamic Fund achieved excellent returns of 74.38 percent and 33.17 percent, respectively, for the first 6 months of the year 2007. The Chairman & CEO added that these results are the outcome of IFA's prudent investment policy, which is based on the two pillars mentioned above in addition to geographic and sector diversification, enhanced by strategic alliances with leading companies and consortiums around the globe. In that respect, IFA has recently consolidated its presence in Portugal through acquiring 20 million shares in BCP, the second largest bank in Portugal. The deal was worth $105 million representing 0.75 percent of the market capitalization of the bank which is 13.5 billion euro.
The Board of Directors of Alargan International Real Estate Company (Alargan) on Aug 12, 2007 declared the interim financial statements of the company for the periods ending June 30, 2007. Profits earned in the second quarter of this year amounted to KD 2,852,605 with the earnings per share valued at 10.76 Kuwaiti fils while the first half earnings was KD 3,645,466 with the profits per share valued at 14.02 Kuwaiti fils. Note that net profit includes an unrealized amount estimated at KD 73,933 for the first six months that ended on June 30, 2007. No periods of comparison were reported as the company was listed at the Kuwait Stock Exchange (KSE) only on July 23, 2007.
Alargan is one of the leading developers in Kuwait, a pioneer in high quality residential and commercial development. The company was established in 1994 and since then acquired an extensive knowledge of all property types from garden-style walk-ups to luxury high-rise buildings and commercial properties.
Alargan began to expand to other countries in 2003 and now has offices in Oman, Kingdom of Saudi Arabia, Kingdom of Bahrain, United Arab Emirates, Lebanon and just recently in 2006 in Egypt.
The Governing Councils of Kuwait United Poultry Company (KUPCO), Salhia Real Estate Company (SREC), Gulf Glass Manufacturing Company (GGMC) and Iraq Holding Company (IHC) will meet on Aug 13, 2007 to discuss the interim financial statements of their respective companies for the second quarter of this year that ended on June 30, 2007.
The Governing Councils of Villa Moda and Global Holding Group (GHG) will meet on Aug 14, 2007 to discuss the interim financial statements of their respective companies for the second quarter of this year that ended on June 30, 2007.
The Governing Councils of The Sultan Center (TSC), Kuwait Real Estate Company (KREC) will meet on Aug 15, 2007 to discuss the interim financial statements of their respective companies for the second quarter of this year ending June 30, 2007.
The Excellent Education Company (EEC) will convene its general assembly at 11:00 a.m. on Aug 15, 2007 in the Ministry of Commerce and Industry building where they will discuss the recommendation of the Board of Directors to increase the company's capital increase by 194.2 per cent with a nominal value of 100 Kuwaiti fils per share plus subscription fees of five Kuwaiti fils per share to the shareholders registered on the records of the company's general assembly. The Board has also proposed the transformation of the legal entity of the company's to a closed Kuwaiti holding company. Note that this recommendation is subject to the approval of the general assembly and other competent authorities. The general assembly will also discuss other items in its agenda.
The Board of Directors of Safat Tech Holding Company (Saftec) met on Aug 12, 2007 and adopted the interim financial statements of the company for the periods that ended on June 30, 2007. Second quarter profits for this year amounted to KD 325,795 with per share valued at 3.02 Kuwaiti fils compared to a profit of KD 219,610 with the earnings per share valued at 3.39 Kuwaiti fils gained within the same period in 2006. The company earned a profit of KD 441,985 with per share valued at 5.11 Kuwaiti fils in the first half of this year compared to KD 270,550 with per share valued at 4.18 Kuwaiti fils over the same period last year. Note that net profit includes an unrealized amount estimated at KD 9,781 for the first six months that ended on June 30, 2007. Saftec (previously Al-Alamiah Technology Group) is a Kuwaiti shareholding company (closed) established in 1991 with a capital of KD 40 million paid in full. The main activities are marketing and promoting technological solutions and equipment to go hand in hand with modern technological requirements for information systems, office equipment and consumer electronics in addition to providing after sales maintenance services and qualified technical manpower with specialized certificates accredited from international companies.
The Board of Directors of Shuaiba Paper Industries (Shuaiba) on Aug 12, 2007 adopted the interim financial statements of the company for the periods that ended on June 30, 2007. Second quarter profits for this year amounted to KD 293,407 with per share valued at 5.93 Kuwaiti fils compared to KD 129,901 with the earnings per share valued at 2.63 Kuwaiti fils gained within the same period in 2006. The company earned a profit of KD 350,548 with per share valued at 7.08 Kuwaiti fils in the first half of this year compared to losses of (KD 1,492,287) with the loss per share valued at (30.16 Kuwaiti fils) incurred over the same period last year. Note that the net profit includes an unrealized amount estimated at KD 169,015 for the first six months that ended on June 30, 2007. Shuaiba is listed at Kuwait Stock Exchange (KSE) with a paid-up capital of over KD 4.6 million which is equivalent to USD 15.5 million and a market capitalization of KD 18 million or USD 61million. The company has been going strong in the past 28 years and is rated as one of the largest paper bags/sacks producers in the Middle East and North Africa (MENA).
The Board of Directors of First Takaful Insurance Company (FTIC) met on Aug 12, 2007 and declared the interim financial statements of the company for the periods that ended on June 30, 2007. The company gained a profit of KD 656,249 with the profit per share valued at 6.56 Kuwaiti fils compared to KD 499,511 with per share valued at five Kuwaiti fils earned within the same period in 2006. First half profits posted for this year amounted to KD 841,509 with per share valued at 8.42 Kuwaiti fils compared to a profit of KD 622,232 with per share valued at 6.22 Kuwaiti fils earned over the same period in 2006. FTIC was established in July 2000 according to Law 24 of 1961 as the first company in Kuwait to offer Islamic Takaful insurance services according to the Islamic Laws. The company is considered a pillar in Islamic Sharia insurance services in Kuwait. It is also a major contribution to the Islamic Economic Concept and System in Kuwait.
© Arab Times 2007
