UGB’s net profits at 24-year high
United Gulf Bank (UGB), the investment banking subsidiary of the Kuwait Projects Company Group (KIPCO) recorded a net profit of $36.2 million for the year ending December 31, 2003, its best results in 24 years, the company said.
The Board of Directors has recommended to its Annual General Meeting of shareholders a record cash dividend of 14 percent of the share value, or 3.5 cents per share, stated a press release.
UGB’s total revenue in 2003 of $113.6 million almost doubled over the $58.1 recorded in 2002. Total sssets were $1.187 million compared to $939.4 million, a rise of 26 percent. Equity grew by 23 percent to $260.3 million from $210.8 million in 2002.
UGB’s activities consist of private equity and fund investments, quoted equities, asset management, corporate finance, real estate, treasury and selective commercial banking services. The bank’s main subsidiaries are Tunis International Bank, KAMCO, UGB Securities and Algeria Gulf Bank. — (menareport.com)
© 2004 Mena Report (www.menareport.com)