KUWAIT: Kuwait Finance and Investment Company KFIC announced its aggregate financial results of the mother company for the year ended December 31, 2017 in which it yielded a net profit of KD 226.7 thousand signifying a growth of 7 percent at an EPS of 0.7 fils per share, compared with a profit worth of KD 211.5 thousand, at an EPS of 0.7 fils for the year 2016.
It is notable that the group's net profits grew at a rate of 89 percent from KD 212.7 thousand in 2016 to 401.4 in 2017.
Tareq Mishari Al-Bahar, KFIC's Board Member & CEO stated that "We continue to pursuing our strategy based on diversifying income sources from different investment vessels in addition to generating revenues and cashflow from the financing, asset management, brokerage and yielding investments operations instead of solely depending on stock exchange trading." This strategy has proved its efficacy in creating a sustainable and promising business model that is able to generate steady cashflows and less likely to be affected by the volatility of stock exchanges especially in the light of the current geopolitical circumstances in the region.
Al-Bahar then added: "Currently the company has a strong financial position and a promising growth potential. Where the total assets have amounted to KD 57.2 million, out of which the current assets have amounted to KD 20.6 million. On the other hand, the total liabilities amounted to KD 17.8 million, out of which the current liabilities amounted to KD 5.8 million. Furthermore, the equity of the shareholders of the parent company has amounted to KD 38.4 million."
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.