(MENAFN- Arab Times) Abdulfattah Marafie, Chairman and Managing Director of the Commercial Real Estate Company (Tijariah) has announced the results of the company during the first quarter of 2012 and said that Tijariah has made a net profit of KD 223,623 (Kuwaiti Dinars two hundred twenty three thousand six hundred twenty three), with earnings per share for the period amounting to 0.13 Fils. He added that the shareholders equity reached KD 252 million, with a growth of 3.16% from the same period of 2011.
Marafie added that the ordinary General Assembly of the Commercial Real Estate Company for 2011, which met on18.4.2012 approved of distributing a cash dividend of 5% of the nominal value of the share.
With the approval of this latest batch of dividends, Tijariah will have distributed a total of KD 236.8 million ($ 852 million) in dividends during the period from 2002 to the end of 2011, while retained profits, including reserves amount to KD 70 million (US $ 252 million), giving the company one of the best dividend distribution records among all other companies at the local level.
Steady
Despite the financial crisis, the disastrous impact of which affected all countries of the world, Commercial Real Estate Company maintained its steady record of achieving growing returns for its shareholders.
The healthy stability of the company's performance is attributable to the far-sighted policies and strategies adopted by the Board of Directors since 2002, based on strict adherence to an attitude of conservatism, prudent risk assessment and management and avoiding highly fluctuating and potentially unsafe markets, in addition to its ethical commitment toward its shareholders and society.
Indeed, this attitude has been instrumental in protecting the shareholders' equity.
In addition to the distributions mentioned above, the Company's achievements extended to other fields, including its ability to reduce and re-schedule debts thereby underlining the company's strong financial position and the high value of its assets which earned it the confidence of financing organizations which seek to minimize risk by financing only the most stable companies. With the completion of the company's major projects, this year and subsequent years will witness a remarkable growth in our operating revenues which will only serve to increase our shareholders' equity.
Finally, the credit classification society, Capital Standards has given Commercial Real Estate Company KCSC a credit classification of BBB+ and a regional classification of A+kw with a stable outlook. Capital Standards' announcement attributed this classification to a number of factors including the strength and soundness of the Company's position in the Kuwaiti market as a major real estate dealer and developer, making it a key player in the local investment and commercial real estate development market, despite the continuing difficult market conditions.
Kuwait Stock Exchange announced that the Kuwait Insurance Company (KINS) reported that the Board of Directors met on May 6, 2012 and approved the interim financial statements for the Q1 - 2012.
Particulars March 31, 2012 March 31, 2011
(3 months ending)
Profit (Loss) (KD) 2,257,690 2,263,357
EPS (LPS) (fils) 11.95 11.83
Total current assets 43,785,905 40,182,622
Total assets 121,616,036 123,426,399
Total current liabilities 19,088,682 14,823,378
Total liabilities 74,157,752 74,736,680
Total equity 47,458,284 48,689,719
The total revenue and expenses amounts to KD 518,555 and KD 320,720 respectively.
Board of Directors of Al- Massaleh Real Estate Company (Massaleh) met on May 3, 2012 and approved the interim financial statements for the first quarter ending March 31, 2012.
Particulars March 31, 2012 March 31, 2011
(3 months ending)
Profit (Loss) (KD) 1,885,156 (60,798)
EPS (LPS) (fils) 8.74 (0.28)
Total current assets 8,899,447 13,617,465
Total assets 139,685,844 135,546,061
Total current liabilities 32,645,856 32,293,972
Total liabilities 79,096,176 78,915,208
Total equity 43,823,695 40,077,267
Kuwait Stock Exchange announced that the Kuwait Reinsurance Company reported that the Board of Directors met on May 3, 2012 and approved the interim financial statements for the Q1 - 2012.
Particulars March 31, 2012 March 31, 2011
(3 months ending)
Profit (Loss) (KD) 611,409 (991,695)
EPS (LPS) (fils) 4.99 (8.1)
Total current assets 62,559,776 55,603,135
Total assets 99,825,524 95,657,554
Total current liabilities 33,427,425 29,228,451
Total liabilities 62,480,075 59,709,892
Total equity 37,345,449 35,947,662
The total expenses and revenue amounts to KD 28,830 and KD 80,641 respectively.
Board of Directors of Tameer Real Estate Investment Company met on May 3, 2012 and approved the interim financial statements for the first quarter ending March 31, 2012.
Particulars March 31, 2012 March 31, 2011
(3 months ending)
Profit (Loss) (KD) (201,202) (112,596)
EPS (LPS) (fils) (0.87) (0.49)
Total current assets 6,378,679 7,624,507
Total assets 31,592,973 32,829,766
Total current liabilities 3,505,324 3,675,783
Total liabilities 6,260,481 6,947,117
Total equity 24,919,504 25,512,080
The total expenses from transactions amounts to KD 50,866.
Kuwait Stock Exchange announced that the Dar Al Thuraya Real Estate Company (Thuraya) reported that the Board of Directors met on May 6, 2012 and approved the interim financial statements for the Q1 - 2012.
Particulars March 31, 2012 March 31, 2011
(3 months ending)
Profit (Loss) (KD) (5,839) 68,505
EPS (LPS) (fils) (0.0398) 0.468
Total current assets 1,885,378 923,951
Total assets 18,828,220 16,750,031
Total current liabilities 305,892 276,025
Total liabilities 1,175,249 889,982
Total equity 15,876,336 15,867,015
The total revenue is worth KD 10,772.
Updating its previous announcement dated March 6, 2012, Kuwait Stock Exchange (KSE) stated that Al-Enma'a Real Estate Company (ERESCO) signed a contract for tender No. 2/2010/2011 for the construction and maintenance of main building of Kuwait Fire Services Directorate (KFSD). The KD 5,973,000 worth of project will last 30 months.
Board of Directors of National Slaughter House Company met on May 6, 2012 and approved the interim financial statements for the first quarter ending March 31, 2012.
Particulars March 31, 2012 March 31, 2011
(3 months ending)
Profit (Loss) (KD) 178,703 96,584
EPS (LPS) (fils) 6.19 3.34
Total current assets 2,559,733 1,986,342
Total assets 3,911,142 3,480,334
Total current liabilities 234,524 335,492
Total liabilities 245,680 343,862
Total equity 3,665,462 3,136,472