KFIC posts 2016 profit of KD 211K

09/04/2017 05:46 AST

Kuwait Finance and Investment Company KFIC announced its financial results for the year ended Dec 31, 2016 in which it yielded a net profit of 211 thousand Kuwaiti Dinars at an EPS of 0.70 fils per share, compared with a profit worth of 985 thousand Kuwaiti Dinars, at an EPS of 3.2 fils for the year 2015.

Tareq Mishari Al Bahar, KFIC's Board Member & CEO stated that "Despite the unstable environment in the GCC markets in the recent period, KFIC remarkably maintained its profitability. This in return reflects the company's solid strategy in diversifying its investment portfolio, in which KFIC relies on generating revenues and sustainable levels of cash flows from financing activities, asset management and income generating investments rather than, relying on trading in the financial markets." Al Bahar then added: "Currently the company has a strong financial position and a promising growth potential.

Where the total assets have amounted to 68 million Kuwaiti Dinars, out of which the current assets have amounted to 21.9 million Kuwaiti Dinars. On the other hand, the total liabilities amounted to 26.4 million Kuwaiti Dinars, out of which the current liabilities amounted to 5.3million Kuwaiti Dinars.

Furthermore, the equity of the shareholders of the parent company has amounted to 38.1 million Kuwaiti dinars." Al Bahar then concluded: "We are always keen on finding variety of effective investment products that yield acceptable rates with limited risks, in order to meet the expectations of our valuable clients. Moreover, KFIC in continuing its plans to exit from some of the non-yielding investments and diversify the investment portfolio geographically to minimize risks."

Arab Times