CFC announces 24% cash dividend
Shareholders equity reaches KD 169.5 mln
KUWAIT CITY, March 3: Commercial Facilities Company (CFC) today announced that its Board of Directors has recommended the distribution of a cash dividend of 24 fils per share for the year ending Dec 31, 2012. This recommendation is subject to the approval of shareholders and regulatory authorities.
Earlier last month, CFC announced its 2012 financial results. For the 12 months ending Dec 31, 2012, CFC achieved a net profit of KD 15.9m compared to KD 14.2m in 2011, an increase of 12 per cent. In 2012, shareholders’ equity reached KD 169.5 million, while profit per share reached 31 fils compared to 27 fils last year.
Commenting on the company’s performance, Abdullah Saud Al Humaidhi, Chairman and Managing Director, CFC, said: “The positive financial results achieved by the company in 2012 are a clear indication of the economic stability and the growth of customer confidence in the market. It is a clear indication CFC stands out and the work model applied has a clear vision for the future of consumer financing sector parallel to using creative strategies that are focused on providing auto financial services which resulted in achieving a growth in the annual returns and market share.”
He also added: “We will sustain our efforts to maintain the leading status and position as one of the leading financial companies in Kuwait. This is done through gaining customer confidence and satisfaction and providing them with the needed services and effective promotions which will also contribute to enhancing the company’s role in the economic growth of Kuwait. I would like to take this opportunity to point out the hard work of the management and employees who always follow the ‘one team’ strategy to work together.”
The success of ‘Tayhna Wahda’, which was launched in 2012, has positively impacted the company’s profit, particularly during the last quarter of the year. CFC’s share of the consumer loans market in Kuwait is 18 per cent and the company’s share in the financing company market is more than 75 per cent.
Established in 1977, CFC is one of the oldest financing companies in the GCC and has occupied a leading position in the financing sector in Kuwait for more than three decades. CFC has strengthened its market position due to the high level of customer service, quick transaction processing and ease of convenience. The company today has five branches in strategic locations and representation offices located in all major car dealerships across Kuwait.
Commercial Facilities Company (CFC) was established in 1977 as the first Kuwaiti closed shareholding company with an initial capital of KD 3.8million ($12.7million). It specializes in providing installment credit facilities to finance consumer and commercial products. CFC plays a major role in the development of the financial and consumer goods industry. It is one of the leading companies in offering installment credit facilities, car financing, and personal cash loans. Branching out in strategic locations, CFC has over 200 employees across its five branches and 21 representative offices. CFC’s online service, http://www.cfc-kw.com, provides customers with a convenient portal to manage their accounts.