EKHC reports KD 13.4m H1
KUWAIT CITY: The Egypt-Kuwait Holding Company (EKHC) Board of Directors met on Aug 12, and adopted the financial statements of the company for the periods that ended on June 30, 2007. Second quarter profits amounted to KD 8,250,581 ($28,489,574) with per share valued at 11.89 Kuwaiti fils (4.11 cents) compared to KD 1,207,088 ($4,168,120) with the profit per share valued at 2.07 Kuwaiti fils (0.72 cents) over the same period in 2006. First half earnings for this year amounting to KD 13,448,929 ($ 46,439,672) with per share valued at 20.18 Kuwaiti fils (6.97 cents) compared to a profit of KD 5,667,510 ($19,570,132) with the profitability of per share valued at 9.74 Kuwaiti fils (3.36 cents) gained within the same period last year.
Note that the profit for the first six months that ended on June 30, 2007 includes an unrealized amount of KD 520,646 or its equivalent of $ 1,797,811. EKHC is an Egypt-based company established on July 12, 1997 that focuses on private equity investments by establishing subsidiaries in such sectors as information technology, utilities, infrastructure, energy and insurance. Its investment portfolio is comprised of Egyptian Fertilizers Company, Alexandria Fertilizers Company, National Gas Company, Shell Compressed Natural Gas Egypt, Fayum Gas Company, Egyptian Glass Company, International Pipe Industry Company, Ekuity Holding International, Delta Insurance Company, Globe Telecom Company and Americana for Agricultural Development Company.
The Governing Council of Iraq Holding Company (IHC) met on Aug 13, 2007 and approved the declaration of the company's profits for the periods that ended on June 30, 2007. The company incurred losses amounting to (KD 260,208) with the loss per share valued at (0.4 Kuwaiti fils) in the second quarter of this year compared to KD 1,830,638 with the profit per share valued at 3.1 Kuwaiti fils gained within the same period last year. The company incurred losses in the first quarter of this year amounting to (KD 255,623) with the loss per share valued at (0.4 Kuwaiti fils) compared to a profit of KD 3,152,479 with per share valued at 5.3 Kuwaiti fils gained within the same period in 2006. Note that net profit (loss) includes an unrealized amount (KD 533,087) for the first six months that ended on June 30, 2007. IHC is a Kuwait-based shareholding company established on Nov 29, 1998 engaged in investing in the Iraqi private sector through ventures in a range of fields including cement, banking, logistics, housing finance, service companies, agencies, entertainment, textiles, real estate, consumer products, light industries, consumer finance, education and hospitals. IHC owns seven subsidiaries within Kuwait and Iraq involved in trading, contracting, management, education and training.
The Board of Directors of Heavy Engineering Industries and Shipbuilding Company (HEISCO) met on Aug 13, 2007 and adopted the interim financial statements of the company for the periods that ended on June 30, 2007. The company earned a profit of KD 3,025,002 with the profit per share valued at 22.39 Kuwaiti fils compared to KD 2,290 with per share valued at 0.02 Kuwaiti fils gained within the same period in 2006. This year 's first half profits amounted to KD 5,056,300 with per share valued at 37.42 Kuwaiti fils compared to KD 2,560,404 with per share valued at 18.95 Kuwaiti fils. Note that net profit includes an unrealized amount estimated at KD 3,840,492 for the first six months that ended on Jun 30, 2007. Established in 1974 to initially meet the demands of the shipping and maritime industry in the Northern Arabian Gulf, HEISCO has since expanded its operations to meet the challenges of emerging markets. Today, in addition to remaining market leaders in the marine industry, we are also recognized as one of the leading industrial companies in Kuwait, having made a major contribution to the development of the country's commercial and industrial infrastructure through successfully completed projects in virtually every economic sector.
© Arab Times 2007
