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Kuwait- Burgan Bank net profit totals KD 4.7 mln in '10  Join our daily free Newsletter

MENAFN - Arab Times - 17/02/2011

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(MENAFN - Arab Times) Burgan Bank today announced significantly improved financial results for the year ended December 31st, 2010. The bank posted KD 4.7 million net profit. The fourth quarter results amounted to KD 7.7 million, doubling third quarter results of KD 3.8 million and showing a strong trend performance.

The bank, which is now back to profitability, has reported operating profit of KD 99 million for the year. A reduction in non-performing loans as well as in credit losses reflects a decreasing trend in provisioning. The regional subsidiaries have also recorded profits and are on a growth trajectory. The Board of Directors recommended 5% free.

Bonus shares subject to the approval of the Annual General Assembly
Commenting on the Bank's results, Mr. Majed Essa Al-Ajeel, Burgan Bank's Chairman, said: "Burgan Bank's latest financial results reflect a positive turnaround in profitability. The second half of the year was a turning point in the bank's operations, whereby our regional diversification strategy has helped to place us on very solid grounds to meet the opportunities ahead.

The results, which also include the bank's consolidated share of income from our regional banking subsidiaries, Bank of Baghdad, Gulf Bank Algeria, Jordan Kuwait Bank and Tunis International Bank, continue to record increasing growth trends."

Mr. Eduardo Eguren, Burgan Bank's Chief Executive Officer said: "These results reflect the continuing improving performance of the bank. Despite the fact the 2010 was a challenging year for Burgan Bank, we have been able to restructure and build a healthy balance sheet with a robust capital adequacy ratio around 21%, which ultimately helped us to generate increased profits across the fourth quarter of the year. Also, the bank has taken a strategic decision to invest for future growth and developments."

Central Bank of Kuwait (CBK) approved the financial statements of Kuwait International Bank (KIB) for the fiscal year that ended on Dec 31, 2010, dated Feb 16, 2011.

Particulars Dec 31, Dec 31,
2010 2009
Profit (Loss) (KD) 16,753,998 (8,234,751)
EPS (LPS) (fils) 17.94 (8.82)
Total current
assets 688,382,478 816,369,805
Total assets 1,141,860,478 1,140,335,805
Total current
liabilities 940,568,787 962,256,249
Total liabilities 945,731,956 967,132,548
Total equity 196,128,522 173,203,257
Total expenses of dealings with related parties amounted to KD 22,289.

The board recommended withholding dividend for the FY 2010. This proposal is pending the approval of shareholder meeting and competent authorities.

Kuwait Stock Exchange (KSE) announced that National Cleaning Company (NCC) signed a 3-year contract worth KD 4,496,493 for tender No.

HZ/MM/2009-2010 that had been awarded to a 90%-owned subsidiary. Under the deal, the company will execute, develop and maintain the ornamental plants at the Fourth District for the interest of the Public Authority of Agriculture Affairs & Fish Resources.

NCC also signed a bidding contract worth KD 979,200. Under the three-year agreement, the company will manage, operate and maintain the industrial waste plant at Shuaiba Industrial Area for the interest of the Public Authority for Industry.

Board of Directors of Umm Al Qaiwain Cement Industries met on Feb 15, 2011, and endorsed the financial statements for the FY2010.
Particulars Dec 31, Dec 31,
2010 2009
Profit (AED) 6,234,94 (55,766,735)
EPS (AED) 0.017 (0.154)
Profit (KD) 471,630 ( 4,218,361 )
EPS (fils) 1 ( 12 )
Total current
assets (AED) 194,976,433 190,594,797
Total current
assets (KD) 14,748,595 14,417,155
Total assets
(AED) 590,504,684 708,479,036
Total assets
(KD) 44,667,525 53,591,455
Total current
liabilities (AED) 39,786,458 27,600,514
Total current
liabilities (KD) 2,087,784 3,009,565
Total liabilities
(AED) 28,548,650 40,640,213
Total liabilities
(KD) 2,159,504 3,074,146
Total shareholders'
equity (AED) 561,956,034 667,838,823
Total shareholders'
equity (KD) 42,508,020 50,517,308

Kuwait Stock Exchange (KSE) announces that the board of directors of Kuwait United Poultry Company met on Feb 15, 2011, and adopted the financial statements for FY that ending Dec 31, 2010.
Particulars Dec 31, Dec 31,
2010 2009
Profit (Loss) (KD) 1,143,594 (34,471)
EPS (LPS) (fils) 10.21 (0.31)
Total current
assets 4,223,393 3,920,427_
Total assets 15,082,636 16,290,909
Total current
liabilities 2,047,653 3,131,875
Total liabilities 3,332,407 5,684,274_
Total equity 11,750,229 10,606,635

The board recommended withholding dividend for the FY 2010.

Egypt Kuwait Holding Company's Board of Directors met on Feb 8, 2011 and adopted the annual financial statements for the fiscal year ending Dec 31, 2010.
Particulars Dec 31, Dec 31,
2010 2009
Profit (USD) 130,680,145 118,616,345
EPS (USD) 15.58 14.15
Profit (KD) 36,734,189 34,078,476
EPS (fils) 43.80 40.65
Total current assets
(USD) 636,723,604 589,398,461
Total current
assets (KD) 178,983,005 169,334,178
Total assets
(USD) 1,860,630,413 1,671,348,444
Total assets
(KD) 523,023,209 480,178,408
Total current
liabilities (USD) 504,512,534 446,364,533
Total current
liabilities (KD) 141,818,473 128,240,530
Total liabilities (USD) 752,689,746 768,783,078
Total liabilities (KD) 211,581,088 220,871,378
Total shareholders' equity (USD) 854,862,289 638,244,934
Total shareholders' equity (KD) 240,301,789 183,367,770
Total expenses from transactions with related parties amounts to KD 11,000.

The board recommended distribution of cash dividend at 30% of the nominal value of share 7.5 cents per share for the FY10. Note that this recommendation is subject to the approval of the shareholders and the competent authorities. The dividend will be financed from the company's liquidity.


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