Total operating revenues: KD107.7 millionTotal assets: KD407.71 million
Kuwait: During its FY2017 Annual General Meeting (AGM) held today, shareholders of ACICO Industries Company approved the Board of Directors’ recommendation to distribute 10% cash dividend (10 fils per share), 5% bonus shares (5 fils per share), in addition to 5% of shares owned by ACICO Industries in its subsidiary, ACICO Construction. A shareholder holding 62 shares in ACICO Industries will receive a share in ACICO Construction, which has a capital of KD13 million.
ACICO Industries had announced for the financial year ended December 31, 2017 a net profit of KD5.13 million and earnings per share (EPS) of 17.04 fils.
ACICO Industries Chairman, Abdul Aziz Ahmed Abdullah Al-Ayyoub, said: “Despite challenges that have affected the regional market throughout 2017, specifically the ongoing geopolitical instability, the Company has successfully improved its operational performance and financial position by diversifying its sources of income and maintaining the high quality of its products and services. ACICO Industries ended the year with positive results that reflect its growth journey since its establishment.”
ACICO Industries is today one of the leading integrated construction companies in the Gulf Cooperation Council (GCC) countries, specializing in engineering, contracting, production of cement and building materials, as well as the development and management of properties.
For the financial year ended December 31, 2017, ACICO Industries announced:
- Net profit to the shareholders of the parent company: KD5.13 million
- EPS: 17.04 fils
- Shareholders’ equity: KD115.49 million
- Total assets: KD407.71 million
- Total operating revenues: KD107.7 million, up 9% from 2016
- Net operating profit: KD18.36 million
On his part, ACICO Industries Vice Chairman and Chief Executive Officer, Ghassan Ahmed Saud Al-Khaled, said: “The Company saw a 9% increase in its net operating profit, which was mainly driven by the increased demand on its cement as it became listed as a state-subsidized material provided to citizens for the construction of private houses, further boosting confidence in our product and enabling us to acquire more market share. Our bottom line has however seen a slight decrease from the previous year due to an increase in financing costs and a slight decrease in revenues from properties.”
Al-Ayyoub concluded: “The Company continues to execute its regional growth strategy for the coming years, supported by a strong and solid foundation built over the years, taking into consideration local and regional developments and the long-term outlook in the sector. Moving forward, we’ve adopted a sound governance policy that sets procedures and good practices to guide, manage and control our business lines, ultimately ensuring the highest level of transparency and fairness in achieving the Company’s objectives and those of our stakeholders.”
About ACICO Industries Company:
Established in 1990, ACICO Industries Company operates in Kuwait, United Arab Emirates (UAE), Kingdom of Saudi Arabia (KSA) and Qatar, producing construction and building materials, and providing engineering and construction services as well as developing and managing hotels and commercial properties. The Company is focused on innovative and sustainable solutions to the industrial, commercial, institutional and residential sectors, including the production of high-quality construction materials such as its eco-friendly aerated concrete. ACICO’s strategy is founded on a core objective to serve stakeholders, as well as to retain qualified professionals to enable the company to maintain its leadership position in its sectors of business.
© Press Release 2018