ISKAN Reports Profit of KD 5.045 Million in Q3 2008 Despite Challenging Market Conditions
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Kuwait-based ISKAN Housing Finance Company, a leading financial real estate investment institution, has announced its third quarter results, posting a net profit of KD 5.045 million, thus maintaining its level of profitability that was achieved during 2007. Despite the economic turmoil that challenged key players in the industry, ISKAN emerged to become a pioneer in the real estate investment industry. The company was able to achieve profit due to its strategic diversification both on a local and regional level.
Total shareholders’ rights in Q3 of 2008 increased by 16.9% to KD 40.83 million, compared to KD 39.94 million in the same period last year. It is worth noting that ISKAN’s performance mirrors its conservative policy that it adapts, which accordingly was reflected in the strength of the shareholders’ financial position since the beginning of the companies’ activities.
ISKAN’s expansion plan that has been implemented during 2008 focuses on targeting extensive investments that leverage professional expertise throughout the GCC Countries. The company has been focusing on high growth real estate projects in Oman, Bahrain as well as Kuwait and providing specialised investment solutions targeting commercial and Investment property project.
Sheikh Abdullah Jaber Al-Ahmed Al-Sabah, Chairman of ISKAN, stated "We are pleased to report that ISKAN has achieved its profits despite the recent regional market volatility and the implementation of new financial regulations that have forced many financial institutions as well as ISKAN to re-consider their business model. As a result of our conservative business approach, ISKAN is in a very favourable position in the market.”
ISKAN does not have any financing term miss matching. Moreover, the company has made strategic provisions valued at KD 13 million from the start of the year to account for anticipated decreases in housing prices and this had enabled ISKAN to be better able to absorb Kuwait’s deflated real estate market.
ISKAN’s Head of Investment Rasha Al-Awadhi said: “The positive growth achieved in this year’s third quarter it a testament to ISKAN’s ability to operate effectively under various economic conditions and is illustrates our dedication to consistently produce profitable results for our shareholders. ISKAN’s dynamic strategy for both local and regional growth outlines the company’s focus on the sustainability and dedication towards offering various robust investment opportunities throughout the region.”
“The company’s solid position has been reflected across our diverse activities and sheds light upon ISKAN’s successful planned and executed business model that focuses on providing core expertise in real estate and financial investments,” added Al-Awadhi.
