Positive financial results achieved by the company in 2012 to record 12 per cent
Net profit KD 15.9 million in comparison to 14.2 million in 2011
CFC's share of the consumer loans market is around 20%
CFC's Board of Directors proposed the distribution of cash dividend of 24 per cent (24 fils per share)
Kuwait, 11 April 2013: Commercial Facilities Company (S.A.K) (CFC), the leading Financing Company in Kuwait announced today that its General Assembly has reviewed and approved the audited financial statements for the year 2012. CFC achieved profits of KD 15.9 million at the end of 2012 in comparison to KD 14.2 million in 2011. This was due to increase in installment debtor's portfolio by 3.8%, improvement in the performance of the company's investments, and positively affected by the reversal of provisions. The results were released recently according to CFC's Annual Report that was issued and distributed during the General Assembly, additionally the Shareholders' equity reached KD 169.5 million, an increase of 3.4% from the previous year.
Based on the released profits of the year 2012, the Board of Directors proposed a distribution of 24% (24 fils per share) cash dividend and the General Assembly has consented this recommendation.
During the General Assembly Meeting, CFC Chairman and Managing Director Mr. Abdullah Saud Al-Humaidhi said: "CFC's share of the consumer loans market in Kuwait is around 20% and the company's share in the financing company market is more than 75%, which proves the strong performance and the success of the business model that we are adopting. The company's financial performance during 2012 is a clear indication of the growing consumer's confidence, since its establishment keeping its leading position in the finance sector at the local level. CFC is characterized by a strong performance and its diverse services in addition to marketing campaigns that contributes to meet customer confidence and satisfaction throughout the previous years. "
He also added: "Despite the fluctuations in the economic and political situation in the area, weak performance of Kuwait stock exchange and reduction of discount rate to its lowest level, CFC was able to continue in its target towards development and growth, where CFC have launched "Tayhna Wahda" campaign during 2012. This campaign has achieved great success reflected positively on the company's profits, especially during the last quarter of the same year."
Concluding Al-Humaidhi said: "On this occasion I would like to extend my sincere gratitude to all of the company's employees for their efforts, efficiency, and cooperation to achieve CFC goals and contribute to the progress of the company towards another successful year."
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About CFC:
Commercial Facilities Company (CFC) was established in 1977 as the first Kuwaiti closed shareholding company with an initial capital of KD 3.8million (US$ 12.7million). It specializes in providing installment credit facilities to finance consumer and commercial products. CFC plays a major role in the development of the financial and consumer goods industry. It is one of the leading companies in offering installment credit facilities, car financing, and personal cash loans. Branching out in strategic locations, CFC has over 200 employees across its five branches and 21 representative offices. CFC's online service, www.cfc-kw.com, provides customers with a convenient portal to manage their accounts.
For further information, please contact:
Abdullah Al-Hilal
CFC
Tel: 97749555
Email: aalhilal@cfc-kw.com
Nadin Al Alami/ Alaa Youssef
ASDA'A Burson-Marsteller
Tel: 22901571/ 2/ 3
Email: nadin.alami@bm.com/ alaa.youssef@bm.com
© Press Release 2013
