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Kuwait, 22 July 2010 – Kuwait Finance House K.S.C. (KFH) remained strong as revealed in its latest financial results released for the first half of 2010. Gross total profit reached KD172.80 million (MYR1.926 billion) with shareholders’ net profit at KD70.80 million (MYR789.31 million). Earnings per share amounted to 28.8 fils (MYR0.32). Total assets as at 30 June 2010 was recorded at KD12.00 billion (MYR133.78 billion) representing an increase by KD1.20 billion (MYR13.38 billion) or 11 percent as compared to the same period last year. Total deposits volume amounted to KD7.3 billion (MYR81.38 billion), representing an increase by KD466.00 million (MYR5.195 billion) or seven percent over the same period last year. In addition, Shareholders Equity reached KD 1.244 billion (MYR 13.87 billion) with an increase of KD 44 million (MYR 490 million) or four percent versus the first half of 2009.
With regards to the financial results of the second quarter of 2010, earnings per share reached 16.2 fils (MYR0.18) with an increase of 3.6 fils (MYR0.04) or 29 percent as compared to the first quarter of 2010. Earnings per share showed an increase of 2.9 fils (MYR 0.03) or 22 percent, as compared to the second quarter of 2009.
Kuwait Finance House Group Chairman and Managing Director, Mr. Bader Al-Mukhaizeem, said that the success was achieved by taking advantage of the Group’s strengths which include highly qualified employees and advanced technology to develop innovative products and services. These reinforce the clients’ trust in KFH. He added that KFH adheres to Shariah regulations in all its businesses, products, and services. Mr. Al-Mukhaizeem also stressed the importance of the government’s major initiative where public expenditure will be increased according to the economic plan. Obstacles and legislations that hinder the role of the private sector and limit investment opportunities will be eliminated.
He said that KFH will continue to finance Kuwaiti companies. KFH managed to open financing channels with new clients, since it is aware of the financial crisis and the importance of limiting its negative impact on the national economy. Financing transactions reached KD 450 million (MYR 5.02 billion) during the first half of 2010, including financing the third phase of Avenues project during the second quarter worth KD 100 million (MYR 1.11 billion).
The global expansion policy has been successful and KFH exists in several markets, such as the GCC countries, in addition to Turkey, Malaysia, Europe and the United States. KFHMB was also the mandated lead arranger for the first United States dollar-denominated sukuk for a Japanese multinational corporation issued out of Malaysia, the issuance was for Nomura Holdings.
With regards to the financial results of the second quarter of 2010, earnings per share reached 16.2 fils (MYR0.18) with an increase of 3.6 fils (MYR0.04) or 29 percent as compared to the first quarter of 2010. Earnings per share showed an increase of 2.9 fils (MYR 0.03) or 22 percent, as compared to the second quarter of 2009.
Kuwait Finance House Group Chairman and Managing Director, Mr. Bader Al-Mukhaizeem, said that the success was achieved by taking advantage of the Group’s strengths which include highly qualified employees and advanced technology to develop innovative products and services. These reinforce the clients’ trust in KFH. He added that KFH adheres to Shariah regulations in all its businesses, products, and services. Mr. Al-Mukhaizeem also stressed the importance of the government’s major initiative where public expenditure will be increased according to the economic plan. Obstacles and legislations that hinder the role of the private sector and limit investment opportunities will be eliminated.
He said that KFH will continue to finance Kuwaiti companies. KFH managed to open financing channels with new clients, since it is aware of the financial crisis and the importance of limiting its negative impact on the national economy. Financing transactions reached KD 450 million (MYR 5.02 billion) during the first half of 2010, including financing the third phase of Avenues project during the second quarter worth KD 100 million (MYR 1.11 billion).
The global expansion policy has been successful and KFH exists in several markets, such as the GCC countries, in addition to Turkey, Malaysia, Europe and the United States. KFHMB was also the mandated lead arranger for the first United States dollar-denominated sukuk for a Japanese multinational corporation issued out of Malaysia, the issuance was for Nomura Holdings.
