Financial Highlights
Consolidated Statement of Income
The company posted a net profit of KD 27.936 million, or 120.65 fils per share for the year 2007, which represent a growth of 310% compared with the net profit of KD 6,817 million and earning per share of 35.42 fils per share for 2006. During the year the net operating profit surged by 1,961% to reach KD 8.245 million compared to last year operating profit of KD 0.4 million, in addition to a gain of KD 20.365 million from divestment of its long term affiliate company.
The increase in operating profit is due to 215% surge in total income to reach KD 16.2 million compared with last year total income of KD 5.2 million. Share of profit from associated companies represent KD 1.8 million or 11% of total income, increased by 291% compared with last year KD 0.4 million due to better performance of those associated companies. The investment income reached KD 13.2 million or 82% of the total income, grew by 388% compared with last year KD 2.7 million mainly due to better market conditions. The interest and other income represent 7% or KD 1.2 million of the total income. The increase in operating profit due to above positive factors where partly affected by 68% increase in total operating expense of KD 7.97 million compared with last year operating expense of KD 4.75 million.
During the year the company divested one of its long term affiliate company United Fisheries of Kuwait and achieved a gain of KD 20.36 million. Last year income from discontinued operations represents income related to divested affiliate during that year.
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