KFC announces a rise in net profits
Kuwait Financial Center (KFC) announced a 16.7 percent rise in its net profits for the first half of 2000, reaching $9.75 million.
The company's net assets shaprly rose to 54 million dinars at the end of June 2000, compared with a net profit of 4.25 million dinars in 1999, and a loss 881,000 dinars in 1998.
Income from short-term investments rose 83 percent to 1.96 million dinars in the first six months of the year, whereas income from long-term investments doubled, as a result of KFC selling its 30 percent stake in the Bank of Lebanon and Kuwait.
KFC is a publicly held company that mainly deals with foreign currency exchanges, investments in real estate, securities and equity participation, as well as loan granting. A total of $500 million is currently invested in its various portfolios.
Shares of the company traded at 106 fils on July 31st, though the share reached a year-high of 112 fils and a year-low of 98 fils. — (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)