ISKAN Housing Finance Company Announces 48% Profit Increase for First Half of 2008
• First Half Profit increase of 48% to KD 4.7 Million
• Shareholders Equity up 25%
• Assets increased 63%
Kuwait based ISKAN Housing Finance Company, a leading financial investment institution, has announced its results for the first half of 2008 representing an increase of 48 percent in profits. A net quarterly profit of KD 4.7 million was achieved, with shares profiting 16.15 fils each, compared to the same period in 2007 where profits reached KD 3.2 million, or 11.3 fils per share. The strong performance and escalated profits over the previous years reflects ISKAN’S overall strategy and plans to expand investment in the near future with its extensive experience.
Total shareholders’ equity in the first half of 2008 increased by 25 percent to KD 41 million, compared to KD 32 million in the same period of last year.
Total company assets also increased by a significant 63 percent to KD 238 million, compared to KD 146 million in the same period of last year which was the result of the company’s expansion and its various activities. Some of ISKAN’s activities were the acquisition of a significant share of 42 percent in First Bahrain Real Estate Development Company (K.S.C.) with capital of KD 30 million, the establishment of ISKAN Investment Oman (O.S.C.) with capital of OMR 25 million, ISKAN’s share being 45 percent, and the establishment of ISKAN Real Estate Development International (K.S.C.) with a capital of KD 10 million with a share of 31 percent.
The company also has a major investment share of KD 50 million in Khairan Pearl City, a residential real estate development, with most of the territory aimed at trade, investments and commercial projects within Pearl City.
Sheikh Abdullah Jaber Al-Ahmed Al-Sabah, Chairman of ISKAN, stated “We are delighted to report ISKAN’s continued strong performance, which has been the result of the continued dedication of our highly skilled team of experts and our new approach to further diversify the company’s activities to suit the market needs and demands, and is in accordance with a clear strategy and ambitious plans set by our Board of Directors.”
He added, “The maintained growth and reflected clearly through ISKAN’s specialization in the field of real estate as well as a focus in the near future to increase the company’s presence in the market while providing various suitable investment channels,”.
With more economic challenges stemming from a volatile market, coupled with new finance laws that potentially restrict the finance market development, ISKAN managed to achieve soaring profits compared to last year due to the company’s endorsement of its conservative approach.
