(MENAFN - Arab Times) Bank of Kuwait and the Middle East (BKME) made a net profit of approximately KD 8.79 million by selling its stake in Al-Ahli Bank. BKME sold 26,490,000 shares equivalent to about 2.4 percent of Al-Ahli Bank's capital.
Ithmaar Bank reported a total profit of KD 5.8 million (USD 22 million) for the year ending Dec 31, 2008 compared to a profit of KD 27.2 million (USD 102 million) earned during the same period last year. The net profit includes unrealized revenue worth KD 8,774,510 and outstanding expenses worth KD 28,409.
Particulars Dec 31, Dec 31,
2008 2007
Total assets (USD) (in mln) 5.3 4
Total assets (KD) (in mln) 1.4 1
Total liabilities (USD) (in mln) 4.2 2.7
Total liabilities (KD) (in mln) 1.1 0.741
Total equity (USD) (in mln) 0.923 1.08
Total equity (KD) (in mln) 0.245 0.288
Board of Directors recommended distribution of bonus shares 10 percent of the paid-up capital of 10 shares per 100 shares. This recommendation is subject to the approval of the shareholder at the general assembly and competent authorities.
The AGM of Bank of Bahrain and Kuwait (BBK) was held on Sunday March 01, 2009 and endorsed the recommendation of the Board of Directors to distribute cash dividend of 20 percent of the nominal value of shares (20 Bahraini fils per share) and bonus shares of 5 percent of the paid-up capital (5 shares per 100 shares) for the financial year ending Dec 31, 2008. The distribution will commence with effect on Monday March 02, 2009.
Gulf Rocks Company reported that the Board of Directors met on Sunday March 01, 2009 and adopted the interim financial statements for the year ending Dec 31, 2008.
The company profit rose by 50 percent from KD 2 million earned for the year ending 2007 compared to KD 3 million for the year ending Dec 31, 2008. The net profit includes outstanding expenses worth KD 2,465,530.
Particulars Dec 31, Dec 31,
2008 2007
Total Current assets
(KD) (in mln) 16.2 14.9
Total assets (KD) (in mln) 24.8 25
Total Current liabilitie
(KD) (in mln) 3.5 6
Total liabilities (KD) (in mln) 4.1 7.2
Total equity (KD) 20.6 17.7
Board of Directors recommended distribution of Cash dividend of 15 percent of the nominal value of shares of 15 Kuwaiti fils per share and bonus shares 10 percent of the paid-up capital of 10 shares per 100 shares, these recommendations are subject to the approval of the shareholder at the general assembly and competent authorities.
