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Financial Highlights

Financial Performance

Consolidated Income Statement

The Company incurred a loss of KD (7.36) million or (29.99) fils per share showing 34% improvement compared with the previous year loss of KD (11.23) million or (45.73) fils per share.

The improvement in company’s performance is mainly from the better results achieved by the associates as well as by decreased losses on short term investments due to reclassification effect.

• Share of results from associates increased by 22% (KD 0.38m) to KD 2.085 million compared to previous year KD 1.706million due to better operational profit achieved by SADAFCO.

• Unrealized loss on financial assets at fair value through income statement substantially decreased by 95% (KD 4.16m) to loss KD 0.24 million compared to last year loss of KD 4.4 million due to reclassification of short term investments to Investments available for sale, following melt down in the regional stock market.

• Interest income increased by 292% (KD 0.92m) to KD 1.23m compared to previous year KD0.32m

• Company implemented various cost saving measures across the group and managed to reduce the administrative expenses by 36%.

Decrease in loss due to above positive factors partially affected by following

• Loss on sale of associates during the year amounted to KD 2.857m compared to previous year KD 0.03m. The company divested its entire equity interest in Associates DPME, Hempel UAE & QATAR at a loss of KD 3.274m and also divested 12.4% equity interest in UOP at a profit of KD 0.417m. The proceeds from above divestments amounting to KD 12.3 m will be used to retire the BOND due on 28^th March 2010.

• Loss due to decrease in fair value of investment property amounted to KD 2.38m compared to previous year profit of KD 5.25m.

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