CFC holds General Assembly, to distribute cash dividends of 10%

KUWAIT: Commercial Facilities Company held the meeting of its Ordinary General Assembly for the financial year ended on Dec 31, 2020 on Thursday morning, corresponding April 08, 2021 with attendance percentage of 87.5 percent. The meeting was chaired by Abdullah Saud Al-Humaidhi, Vice Chairman & CEO.

At the beginning of the meeting, Al-Humaidhi welcomed the attendees and thanked them for their attendance despite the difficult circumstances that we are experiencing and the whole world is going through, as the spread of coronavirus COVID-19 epidemic had a negative impact on all aspects of life, and the world has not witnessed what it is witnessing now of the repercussions on all activities.

The General Assembly has approved the financial statements for the year 2020, as the company’s losses amounted to KD 640,000, and this is the first time in the history of the company that it has a loss as a result of the disruption of the company’s business during the period of lockdown and the delay of installments of customers for a period of three months.

And the company has made every effort to reduce the effects of this disruption and delay by undertaking marketing campaigns and collection campaigns that motivate customers to pay, so that installments do not accumulate on them, and they had a positive effect in reducing the loss.

The General Assembly has also decided to distribute cash dividends at the rate of 10 percent (ie 10 fils per share) to shareholders registered on the due date corresponding May 02, 2021. These dividends will be deducted from the retained earnings, which amounted to KD 7,485,000. The Board of Directors looks forward to the year 2021 with a positive attitude, as it has approved the plan of the year with a growth in the volume of business and reduction of allocations, which will achieve positive results that will return the company to its normal position.