Consolidated Balance Sheet
- Total assets of KD 130 million as on the end of 2009, showing a decrease of 34% (KD 68 million) below last year’s figure of KD 198 million, is mainly due to decrease in long term investments associated with reclassification of subsidiary Kuwait national industrial projects to associate, as well as divestment of associate Hemepl GCC.
- Total investments decreased by as much as 50 % (KD 94 million) to KD 95 million as at the end of 2009 compared with KD 189 million in 2008. The decrease in total investments is reflected in the following:
- Investments in associates decreased by 51% (KD 80 million), amounting to KD 76 million compared to KD 156 million as at the end of 2008, due to reclassification of subsidiary Kuwait National Industrial projects and resulting deconsolidation of its associate Al Qurain petrochemical Industries Co. Also due to divestment of Hempel GCC and 12.4% stake in united oil projects Co.
- Investments available for sale decreased by 56% (KD 10.6million) to KD 8.2m compared to previous year KD 18.8m due to divestment of stakes in North Africa real-estate, Al Dhiyafa real-estate, Sock market portfolio and other non-core investments.
- Investments in real estate including investment properties and land under development decreased by 26% (KD 3.4m) to KD 9.6m compared to previous year KD13m mainly due to decrease in market value of investment properties.
- During the year the company repaid KD 9.5m bank loans and managed to reschedule its KD 40m Burgan bank loan for a period of three years installments starting from 31st July 2010. The remaining loans KD 43m belonged to its subsidiary Kuwait National industrial projects Co. and it is deconsolidated due to reclassification.
