Friday,18 March 2011
By : Jameel W. Karaki
KUWAIT: Kuwait Financial Centre 'Markaz' held its Annual General Meeting (AGM) to discuss the financial statements for the year ended Dec. 31, 2010. The AGM took place on Thursday, March 17,, 2011 at The Government Mall. Markaz reported KD 8.17 million net profit for 2010 compared to KD 2.540 million in 2009 and earnings per share (EPS) of 18 Kuwaiti fils for the year 2010 compared to six fils per share in 2009.
Diraar Yusuf Alghanim, Chairman and Managing Director of Kuwait Financial Centre 'Markaz' said, "The outstanding results we achieved this year reflect our effort and activities during the previous year where we managed to override all hinders and crisis," describing the establishment of the Capital Market Authority (CMA) as a historical step in Kuwaiti history.
Alghanim announced that Markaz will distribute a ten percent cash dividend, equivalent to ten fils per share and a five percent bonus share distribution which is equivalent to five shares for every 100 shares to registered shareholders. Moreover, board members agreed to increase the capital of the company from KD 50,600,000 to KD 53,130,000.
On his part, Manaf Al- Hajeri, Chief Executive Officer (CEO) at Markaz clarified that the Center's strategy aims to expand and strengthen its current financial position and strengthen funds noting that Markaz's investments are concentrated in Kuwait, Saudia Arabia, Abu Dhabi, Ras Al Khiamah, Jordan, Syria, Lebanon, and India - investments that were not largely impacted by the political instability and unrest.
When asked about his financial projections for the current year, he asserted that the company will face many changes due to the events in the region, however in the worst case scenario, the company will achieve what was achieved this year.
Al- Hajeri stated that Markaz established financial alliances to participate in the Economic Development Plan in projects such as Deir Al-Zour Plant to produce electricity, offering consultancy services for Build-Operate-Transfer (BOT) projects and Failaka Island.
He clarified that Markaz and Kuwait Resorts Company could earn 30 million US dollars from the exit from Losail Qatar and that the Center is going to accomplish some exits deals in Saudi Arabia. Additionally, Al-Hajeri announced that the Markaz will issue bonds before the end of the year.
By : Jameel W. Karaki
KUWAIT: Kuwait Financial Centre 'Markaz' held its Annual General Meeting (AGM) to discuss the financial statements for the year ended Dec. 31, 2010. The AGM took place on Thursday, March 17,, 2011 at The Government Mall. Markaz reported KD 8.17 million net profit for 2010 compared to KD 2.540 million in 2009 and earnings per share (EPS) of 18 Kuwaiti fils for the year 2010 compared to six fils per share in 2009.
Diraar Yusuf Alghanim, Chairman and Managing Director of Kuwait Financial Centre 'Markaz' said, "The outstanding results we achieved this year reflect our effort and activities during the previous year where we managed to override all hinders and crisis," describing the establishment of the Capital Market Authority (CMA) as a historical step in Kuwaiti history.
Alghanim announced that Markaz will distribute a ten percent cash dividend, equivalent to ten fils per share and a five percent bonus share distribution which is equivalent to five shares for every 100 shares to registered shareholders. Moreover, board members agreed to increase the capital of the company from KD 50,600,000 to KD 53,130,000.
On his part, Manaf Al- Hajeri, Chief Executive Officer (CEO) at Markaz clarified that the Center's strategy aims to expand and strengthen its current financial position and strengthen funds noting that Markaz's investments are concentrated in Kuwait, Saudia Arabia, Abu Dhabi, Ras Al Khiamah, Jordan, Syria, Lebanon, and India - investments that were not largely impacted by the political instability and unrest.
When asked about his financial projections for the current year, he asserted that the company will face many changes due to the events in the region, however in the worst case scenario, the company will achieve what was achieved this year.
Al- Hajeri stated that Markaz established financial alliances to participate in the Economic Development Plan in projects such as Deir Al-Zour Plant to produce electricity, offering consultancy services for Build-Operate-Transfer (BOT) projects and Failaka Island.
He clarified that Markaz and Kuwait Resorts Company could earn 30 million US dollars from the exit from Losail Qatar and that the Center is going to accomplish some exits deals in Saudi Arabia. Additionally, Al-Hajeri announced that the Markaz will issue bonds before the end of the year.
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