Middle East

Al-Safat Investment may merge, says Al-Terkait

Kuwait: Abdullah Hamad Al-Terkait, chairman of the Safat Investment Company, said the company could merge with other local companies. He said this would add value to the shareholders of various groups. This process requires extensive technical research in accordance with standards and legal rules. This concept is presented to the relevant regulatory agencies when the final transaction is closed.

Abdullah Al-Terkait

Al-Terkait spoke last week as a bystander to the General Assembly, which elected the board for a new term. The new board includes: Abdullah Hamad Al-Terkait (Chairman); Fahad Abdulrahman Al-Mukhaizeem (Vice Chairman); Abdulrazaq Zaid Al-Dhubayan; Nasser Bader Al-Sharhan; ​​Anwar Ahmad Al-Jarki and Abdulmohsen Suleiman Al-Mashaan.

Al-Terkait said the company achieved total (operating and investment) revenue of 7 million KD. Of these, operating revenue reached 3.3 million KD compared to the previous year when the Group achieved operating income. KD 3 million – 11% increase over the previous year.

In line with the company’s cautious policy of hedging and proactively recognizing some investment defaults, Al-Safat Investment Company will have 1.4 million KD, equivalent to 1.34 Phil’s per share profit in 2021. Explained that it achieved its net profit. Compared to the net profit of about 7 million KD achieved in 2020.

He points out that Safat has solid assets reaching 40 million KD by the end of 2021 and shows that total shareholders’ equity had increased to 23 million KD by the end of December 2021 (at the same time). 4% increase in comparison) 2020). “The annual increase is relatively small compared to the previous year, but we believe it is a clear proof of the resilience of the group in the face of unusual market conditions,” he points out, and the total of the group’s debt and debt is He added that it was down 6%. It will reach 11 million KD in 2021 compared to 12 million KD in the previous year.

Al-Terkait said the Al-Safat Group has developed a flexible strategy that will be adopted in 2019 and will end in 2023. Al-Safat is likely to be carefully selected to carry out an effective withdrawal from non-generated assets and achieve good and sustainable income.

He was confident in the company’s business model, which is characterized by strength and flexibility, and confirmed the team’s capabilities and ambitions. He said the company enjoys a good status to adapt to changes in the financial services market and the general economic environment.

He said Al-Safat is looking forward to a future listing as it seeks to prepare its entities according to standard conditions. The company completed the Al-Ahmadi project at the end of 2021 and succeeded in adding a new sustainable source of income. This project is expected to bring sustainable financial benefits to the current company’s real estate project in Hawally – (BOT project).

The chairman has shown that there are future efforts to qualify Safat for listing on the premier market through the market value of companies in the range of 78 million KD. “We are pleased with our ability to fulfill our commitment to achieving our strategic goals and strengthening market confidence,” he said. “We are moving towards diversification of investment. The company will support and fund small and medium-sized projects to promote young entrepreneurs in Kuwait,” he said. ..

“Corporate Social Responsibility is a voluntary contribution to our community that contributes to the country’s economy, society, environment and other development projects and programs,” he said. And play an active role in giving back to society and the nation, “based on our firm belief that the role of a company should not be limited to profitability.” In addition to philanthropy, Al-Terkait called for the importance of expanding social responsibility to raise awareness of the environment and health, which focuses on social uplifting and renaissance.

https://www.kuwaittimes.com/al-safat-investment-is-open-for-merger-al-terkait-says/ Al-Safat Investment may merge, says Al-Terkait

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