KUWAIT: Anwar Jassem Al-Kharafi (right) addresses the company’s general assembly meeting yesterday.

KUWAIT: Following tough negotiations and paying off all its debts and settling related litigations in 2016, Coast Investments & Development Company (Coast Investment) is in a healthy financial condition that will enable it to grow and regain its status in Kuwait’s economy, said Chairman Anwar Jassem Al-Kharafi. Speaking during the annual general assembly meeting held in the presence of 61.33 percent of shareholders, Al-Kharafi stressed that Coast Investment managed, for the first time, to post profits of KD 2,068,398 in 2016 with a growth rate of 123.67 percent after an KD 8.7 million loss in 2015.

He added that profit per share also grew by 126.67 percent to four fils compared to a loss of 15 fils per share in 2015. In addition, the company’s total assets reached KD 54.3 million and liabilities dropped from KD 4.79 million in 2015 to KD 1.86 million by the end of 2016. Al-Kharafi said that the company aspires to accelerate the success it achieved in 2016 to further levels in 2107 through a new strategy based on offering new financial and investment services, including expanding into other geographic territories. Notably, the general assembly approved all the topics on its agenda including the financial and auditors’ reports for transactions made during the fiscal year ending on Dec 31, 2016.