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MENAFN - Arab Times - 19/05/2014
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(MENAFN - Arab Times) Wait city may 18 (agencies): kuwait energy one of the fastest growing independent oil and gas exploration and production companies in the middle east has posted 64 million in profits for the first quarter of 2014. in a press release issued sunday the company stated that its revenues have climbed by 17.4 percent in q1 2014 compared with the corresponding period of 2013. 'we are pleased with ending the first quarter of the year with good performances' commented chief executive officer of kuwait energy sara akbar. 'this only makes us look forward to increased operational success in 2014 as we move forward with our strategy which is to focus on our core operations in the mena region.' the company also unveiled that the average daily working interest production increased 10.6 percent to 23759 barrels of oil equivalent per day (boepd) compared to the corresponding period of last year.

as to comparisons to the previous quarter revenue and production are lower by 7.6 percent and 1.0 percent respectively it added. by the end of q1 2014 the outstanding receivables were 134 million as a result of collecting 33 million during the first quarter 2014. the statement noted that the main development activities during q1 2014 included the drilling of 17 development wells (10 in oman and 7 in egypt). 39.0 million in development expenditure was mainly spent on the acquisition and processing of 3d seismic data and demining on siba iraq. exploration expenditure during q1 2014 was 8.7 million primarily spent on exploration drilling in egypt and iraq.

on the strategic front kuwait energy continues with its strategy of focusing on the mena region where it has established strong presence and operational track record. to this effect the company said that it is undergoing a rigorous process of rationalizing its portfolio in eurasia and pakistan with the intention to exit and focus its activities in the mena region. kuwait energy is also looking into farming out some of the single asset exposure to achieve better risk profile and optimize its capital expenditure program. to rebalance country exposure the company is currently actively pursuing strategic partners for its existing assets via a farm-out process in countries such as iraq.



the kuwait stock exchange company announces that the board of directors of gulf cable and electrical industries met on thursday 15/5/2014 and has approved the interim financial statements of the company for the period ended 31/3/2014 as follows:

particulars for 3 months ended march 31 2014 and 3 months ended march 31 2013.

profit (kd)    6801319    2351518

eps (kf)    32    11

total current assets    78329936    79735365

total assets    221873641    238214233

total current liabilities    50430353    53105099

total liabilities    66339064    81696390

total shareholders' equity    155021894    56016877

the total revenue from transactions with related parties is kd 1163753.

the total expenses from transactions with related parties is kd 837.



the kuwait stock exchange company announces that the board of directors of specialties group holding company met on thursday 15/5/2014 and has approved the interim financial statements of the company for the period ended 31/3/2014 as follows:

particulars for 3 months ended march 31 2014 and 3 months ended march 31 2013.

profit (kd)    386100    165096

eps (kf)     2.71    1.18

total current assets    27160508    28143982

total assets    42652542    43809620

total current liabilities    5461770    5810379

total liabilities    5932670    6272099

total shareholders' equity    35955827    36997123

the total revenue from transactions with related parties is kd 0.000.

the total expenses from transactions with related parties is kd 19586.



the kuwait stock exchange company announces that the board of directors of al-safat energy holding co (senergy) met on thursday 15/5/2014 and has approved the interim financial statements of the company for the period ended 31/3/2014 as follows:

particulars for 3 months ended march 31 2014 and 3 months ended march 31 2013.

profit (kd)    22889    334964

eps (kf)    0.038    0.556

total current assets    15028728    16591475

total assets    55452806    66248548

total current liabilities    5327571    7635976

total liabilities    5890946    8135320

total shareholders' equity    41098095    49787954

the total revenue from transactions with related parties is kd 0.000.

the total expenses from transactions with related parties is kd 24779.



the kuwait stock exchange company announces that the board of directors of gulf franchising holding co met on thursday 15/5/2014 and has approved the interim financial statements of the company for the period ended 31/3/2014 as follows:

particulars for 3 months ended march 31 2014 and 3 months ended march 31 2013.

profit (kd)    18131    36282

eps (kf)    0.56    1.12

total current assets    2963655    2999050

total assets    495298    25287514

total current liabilities    1639043    1723265

total liabilities    2021635    2293461

total shareholders' equity     2931347    2994053

the total revenue from transactions with related parties is kd 0.000.

the total expenses from transactions with related parties is kd 36330.



the kuwait stock exchange company announces the kuwait stock exchange that the board of directors of the kuwait packing materials manufacturing co met on thursday 15/5/2014 and has approved the interim financial statements of the company for the period ended 31/3/2014 as follows:

particulars for 3 months ended march 31 2014 and 3 months ended march 31 2013.

profit (kd)    388912    571393

eps (kf)    9.20    13.52

total current assets    9207887    6976097

total assets    16722905     14242509

total current liabilities    1957378    740658

total liabilities    2756372        943459

total shareholders' equity    13966533    13299050

the total revenue from transactions with related parties is kd 0.000.

the total expenses from transactions with related parties is kd 38393.


 


Arab Times




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