13 August 2015
KUWAIT: Kuwait Finance and Investment Company
(KFIC) has announced its financial results for the first half results of 2015, where the company attained a profit of KD 543.710. In this occasion, Board Member and Chief Executive Officer, Tareq Mishari Al-Bahar stressed that the quarterly results demonstrate that KFIC enjoys a strong and significant financial position.
Al-Bahar also noted that this step will give the company an opportunity for growth in its business; which is concentrated in multiple geographical sectors. "This in return reflects the approach that we are pursuing. In which it relies on the diversification of the company's investment portfolio, in an effort to minimize risk and to generate steady cash flows". Al-Bahar then revealed:"KFIC succeeded in reaching an agreement with some of the non-regular customers to repay their debts entirely." Al-Bahar then added that volume of such debts, amounts to about1.5million Kuwaiti dinars.
Al-Bahar explained that such debts will be collected during the third and fourth quarters of this year, which will result in recording an approximate profit that amounts to 750 thousand Kuwaiti Dinars. With a profitability rate of 2.4fils per share during the remainingperiodof2015, and this is upon the completion of the debts collection entirely. Al-Bahar pointed out that this agreement will lead to a substantial reduction of the non-performing debt ratio for the commercial financing portfolio of the company.
This in return will reflect positively on the financial indicators of the company during the upcoming period. Al-Bahar concluded his statement, saying: "KFIC is moving in the right direction, and we anticipate a continuity in positive performance during the upcoming period. As we are working relentlessly to achieve the company's goals in accordance to the 2015/2020 strategy. Which revolves around a focus on key sectors such as(consumer finance, asset management, and brokerage) with an intent to create an added value for the company's shareholders.