KIC earns KD 3.5 million in 2011

16/04/2012 09:56 AST

Kuwaiti Investment Company (KIC) earned a total of 3.5 million Kuwaiti dinars in 2011, at a rate of 6.4 Kuwaiti fils per stock, compared to KD three million worth of losses, at 5.5 fils per share, incurred in 2010, said KIC Chairman and Chief Executive Officer (CEO) Bader Al-Subaiee.

Addressing the annual general assembly of the company, on Sunday, Al-Subaiee said the company approved financial report of the fiscal year that expired on Dec. 31, 2011.

Elaborating, he said total assets of the company amounted to KD 243 million in December 2011, compared to KD 257 million in the same month of 2010.

The company's liabilities reached KD 122 million in 2011 in contrast to KD 138 million in 2010, he said, assuring attending shareholders that the company worked out new investment strategies and restructuring plans, noting that prudent planning had spared the company heavy losses at peak of the world financial crisis.


KUNA

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