ShareNet profit to shareholders of parent company reaches KD 5.13m
KUWAIT: ACICO Industries Chairman Abdul Aziz Ahmed Abdullah Al-Ayyoub addresses the annual general meeting (AGM) yesterdayKUWAIT: During its FY2017 Annual General Meeting (AGM) held yesterday, shareholders of ACICO Industries Company approved the Board of Directors' recommendation to distribute 10 percent cash dividend (10 fils per share), 5 percent bonus shares (5 fils per share), in addition to 5 percent of shares owned by ACICO Industries in its subsidiary, ACICO Construction. A shareholder holding 62 shares in ACICO Industries will receive a share in ACICO Construction, which has a capital of KD13 million.
ACICO Industries had announced for the financial year ended December 31, 2017 a net profit of KD5.13 million and earnings per share (EPS) of 17.04 fils.
ACICO Industries Chairman, Abdul Aziz Ahmed Abdullah Al-Ayyoub, said: "Despite challenges that have affected the regional market throughout 2017, specifically the ongoing geopolitical instability, the Company has successfully improved its operational performance and financial position by diversifying its sources of income and maintaining the high quality of its products and services. ACICO Industries ended the year with positive results that reflect its growth journey since its establishment."
ACICO Industries is today one of the leading integrated construction companies in the Gulf Cooperation Council (GCC) countries, specializing in engineering, contracting, production of cement and building materials, as well as the development and management of properties.
For the financial year ended December 31, 2017, ACICO Industries announced:
* Net profit to the shareholders of the parent company: KD5.13 million
* EPS: 17.04 fils
* Shareholders' equity: KD115.49 million
* Total assets: KD407.71 million
* Total operating revenues: KD107.7 million, up 9 percent from 2016
* Net operating profit: KD18.36 million
On his part, ACICO Industries Vice Chairman and Chief Executive Officer, Ghassan Ahmed Saud Al-Khaled, said: "The Company saw a 9 percent increase in its net operating profit, which was mainly driven by the increased demand on its cement as it became listed as a state-subsidized material provided to citizens for the construction of private houses, further boosting confidence in our product and enabling us to acquire more market share. Our bottom line has however seen a slight decrease from the previous year due to an increase in financing costs and a slight decrease in revenues from properties."
Outlook
Al-Ayyoub concluded: "The Company continues to execute its regional growth strategy for the coming years, supported by a strong and solid foundation built over the years, taking into consideration local and regional developments and the long-term outlook in the sector. Moving forward, we've adopted a sound governance policy that sets procedures and good practices to guide, manage and control our business lines, ultimately ensuring the highest level of transparency and fairness in achieving the Company's objectives and those of our stakeholders."
