KFIC announces net profit of KD 211,000 for 2016
Kuwait Finance and Investment Company KFIC announced its financial results for the year ended December 31, 2016 in which it yielded a net profit of KD 211,000 at an EPS of 0.70 fils per share, compared with a profit worth of KD985,000, at an EPS of 3.2 fils for the year 2015.
Tareq Mishari Al-Bahar, KFIC’s Board Member & CEO stated that “Despite the unstable environment in the GCC markets in the recent period, KFIC remarkably maintained its profitability. This in return reflects the company’s solid strategy in diversifying its investment portfolio, in which KFIC relies on generating revenues and sustainable levels of cash flows from financing activities, asset management and income generating investments rather than, relying on trading in the financial markets.
Al-Bahar then added: “Currently the company has a strong financial position and a promising growth potential. Where the total assets have amounted to KD68 million, out of which the current assets have amounted to KD 21.9 million. On the other hand, the total liabilities amounted to KD 26.4 million, out of which the current liabilities amounted to KD 5.3million. Furthermore, the equity of the shareholders of the parent company has amounted to KD 38.1 million.”
Al-Bahar then concluded: “We are always keen on finding variety of effective investment products that yield acceptable rates with limited risks, in order to meet the expectations of our valuable clients. Moreover, KFIC in continuing its plans to exit from some of the non-yielding investments and diversify the investment portfolio geographically to minimize risks.