KUWAIT: Noor Financial Investment Company KPSC held its Annual General Meeting for 2014 and an Extraordinary General Meeting. The meetings were headed by the Chairman, Dr Fahad Sulaiman Al-Khaled and shareholders presence reached 76.64 percent.
Dr Al-Khaled explained that despite the difficult conditions during fourth quarter of 2014caused by the sharp decline in oil prices, significant decline in Kuwait Stock Exchange price index and the volatile political conditions in the region, the company achieved a profit of KD 918,814 (EPS of fils 2.28) for the year and a growth of 1.9 percent in shareholders’ equity.
The Company reported total assets of KD 200.57 million and shareholders’ equity of KD 45.30 million as of 31st December 2014. Dr Al-Khaled noted that the Company continues to implement its strategy by maintaining a balanced investment portfolio of direct investments, listed securities and real estate investments. He also added that the Company continues to fulfill its obligations with the lenders in accordance with its debt restructuring plan. During the year, the Company repaid approximately KD 18 million to its lenders.
The Company aims to grow its business regionally through strategic partnerships and expanding its client base in order to achieve sustainable growth and returns. The Annual General Assembly approved Board proposal not to declare dividends for the year 2014, while the Extraordinary General Assembly approved adding “Investment Supervisor” to the existing Company’s activities.
