Hempel Paints Middle East manufactures paint and coatings for the marine, offshore, container, yacht and building sectors, as well as materials and tools for surface preparation and coating application. Hempel companies in the region are divided into two divisions, with Qatar and the UAE in the eastern division and Bahrain, Kuwait, Saudi Arabia and Syria in the western division.
Overall performance was significantly enhanced throughout the year despite the increased cost of raw materials which was driven by the volatility of world oil prices.
Hempel improved its position in 2008, continuing to deliver sustained growth. The company increased revenues by 17% reaching net sales to a total of KD 47.2 million compared to KD 40.3 million in 2007.
Hempel’s net profit increased by 45.6 % to KD 3.96 million compared to KD 2.72 million in 2007.
Total assets as at the end of 2008 rose 9% to KD 45.5 million compared to KD 41.6 million in 2007.
Shareholders’ equity at the end of 2008 increased 15% to KD 23.4 million compared to KD 20.3 million
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