KUWAIT CITY, Aug 9, (Agencies): Kuwait Finance House Chairman Sameer Al-Nafisi announced that KFH has achieved total revenues during First Half of 2012 KD 394.4 million for the First Half of 2012, with an increase of KD 14 million (3.7 percent) compared to same period last year. Total profits for the same period reached KD 111.7 million that include KD 68.6 million as estimated profit for investment depositors.
Shareholders’ net profit reached KD 42.1 million, while earnings per share reached 14.8 fils.
Total assets increased to KD 14 billion with a KD 1.1 billion (8.5 percent) increase compared to the same period last year. The volume of deposits increased to KD 8.9 billion with a KD 534 million (6.4 percent) increase compared to the same period last year.
Shareholders’ equity reached KD 1.3 billion with KD 21 million (1.7 percent) increase compared to the same period last year.

Success
Al-Nafisi asserted that the profits reflect the success of KFH’s conservative approach seeking to cement its financial status and maintain its stable growth rate.
He noted that the rewards of the transformation program are expected to be reaped during the coming period. He went on to say that this plan will serve as a stepping stone to further growth in all fields, where Islamic banking witnesses significant development locally and globally. He stressed that KFH is in a strong position that allows it to take advantage of such developments, in order to offer its clients and shareholders the best benefits possible. He underlined the bank’s ability to implement its strategies and plans even during challenging circumstances.
Moreover, he explained that KFH remains one of the local market’s main players through boosting the sales of merchants in various fields, not to mention its leadership in the field of Islamic banking. He said that KFH focuses on the local market, and seeks to expand its client base and reinforce its geographic presence through opening new branches. He went to say that KFH possesses financial and technical abilities to finance major projects that have developmental objectives.
Furthermore, Al-Nafisi stated that KFH and most of its subsidiaries bagged prestigious international awards; not to mention the positive ratings granted to it by major global rating agencies. KFH has also offered its clients products that never existed before in the fields of deposits, banking cards, and technology services.

KFH was awarded twice by Global Finance in the field of Islamic finance in Kuwait and Turkey; in addition to being dubbed as Best Islamic Bank in Kuwait by Asia Money, Best Islamic finance house by EmeaFinance, and a specialized award in the field of financing cars by The Banker Middle East.
Regarding overseas markets, Al-Nafisi highlighted the importance of the GCC markets, since they are Kuwait’s social and economic strategic depth. In addition, KFH’s overseas markets serve as a platform to enter neighboring markets in Europe, south East Asia, and other areas. He mentioned that KFH will continue following its expansion plan, based on the previous successes, and remarked that the expansion policy is expected to gain momentum in light of the current restructuring phase that markets are experiencing.
Al-Nafisi stressed that KFH-Turkey has managed to cement its presence as one of the best Islamic banks in Turkey, which is evident by continuous growth in deposits, assets, and revenues, in addition to opening branches in Germany, Dubai, and Bahrain. KFH-Turkey has also offered its clients a Silver Investment Fund that was enlisted in Istanbul’s bourse, which is considered to be a paradigm shift in the field of Islamic banking. The bank also serves to strengthen the relationship between Turkey and its neighboring markets on the one hand, and between Kuwait and other GCC countries on the other. He mentioned that the bank launched a new product, which is Real Estate Financing in Turkey for investors and individuals in Kuwait and the GCC, in order to meet the growing demand for real estate in Turkey.


Board of Directors of Danah Al Safat Real Estate Co (Danah) met on Aug 8, 2012 and approved the interim financial statements for the first half period ending June 30, 2012.
Danah reported a loss of KD 4,486,066 for the three months ending June 30, 2012 as compared to a profit of KD 255,889 earned during the same period ending 2011.
Particulars
(6 months ending) June 30, ’12 June 30, ’11
Profit (KD) (4,204,363) (946,154)
Earnings per share (fils) (14.87) (3.35)
Total current assets 27,316,124 16,141,905
Total assets 51,451,524 47,664,059
Total current liabilities 6,693,881 4,575,502
Total liabilities 9,718,002 6,749,099
Total shareholders’ equity 41,501,293 40,701,284
Total expenses from transactions with parties amounts to KD (124,797)


Kuwait Stock Exchange announced that the Board of Directors of A’ayan Real Estate Company (A’ayan) met on Aug 8, 2012, and adopted the interim financial statements for the periods ending June 30, 2012, according to the following:
For the three months ending June 30, 2012, A’ayan reported a Profit of KD 911,657 as compared to a Profit of KD 118,611 for the same period ending 2011.
Particulars
(6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 2,578,767 (641,667)
Earnings per share (fils) 6.6 (1.6)
Total current assets 70,184,396 70,160,157
Total assets 120,975,673 127,095,624
Total current liabilities 32,481,546 52,942,520
Total liabilities 46,646,771 56,261,616
Total shareholders’ equity 72,747,023 69,493,034
The total revenue from transactions with related parties is worth KD 112,894


Munshaat Real Estate Company (Munshaat) reported that the Board of Directors met on Aug 9, 2012 and approved the interim financial statements for the H1 period ending June 30, 2012.
For the three months ending June 30, 2012, Munshaat sustained a loss of KD 1,223,920 as compared to a loss of KD 1,060,892 for the same period ending 2011.
Particulars
(6 months ending) June 30, 2012 June 30, 2011
Profit (KD) (312,923) (2,021,748)
Earnings per share (fils) (1) (6)
Total current assets 37,589,245 25,616,157
Total assets 205,081,288 208,710,582
Total current liabilities 164,302,946 147,471,249
Total liabilities 180,090,052 170,036,685
Total shareholders’ equity 25,398,911 37,189,282
The total revenue from transactions with related parties is worth KD 525,049
Total expenses from transactions with parties amounts to KD 975,369


Kuwait Stock Exchange announced that the Board of Directors of Egypt Kuwait Holding Company (EKHolding) met on Aug 8, 2012, and adopted the interim financial statements for the periods ending June 30, 2012.
For the three months ending June 30, 2012, EK Holding reported a Profit of USD 15,852,505 which is equivalent to KD 4,449,006 as compared to a Profit of USD 40,382,591 (KD 11,103,193) for the same period ending 2011.
Particulars
(6 months ending) June 30, 2012 June 30, 2011
Profit (USD) 38,527,765 70,539,124
Earnings per share (cent) 4.59 8.40
Profit (KD) 10,812,817 19,394,732
Earnings per share (fils) 12.88 23.11
Total current assets (USD) 778,364,745 560,541,488
Total current assets (KD) 218,448,066 154,120,882
Total assets(USD) 2,104,049,777 1,700,776,180
Total assets(KD) 590,501,570 467,628,411
Total current liabilities(USD) 651,367,762 527,147,419
Total current liabilities(KD) 182,806,362 144,939,183
Total liabilities(USD) 897,657,171 746,310,079
Total liabilities(KD) 251,927,485 205,197,956
Total equity(USD) 699,782,328 714,255,151
Total equity(KD) 196,393,910 196,384,454


Kuwait Stock Exchange announced that the Board of Directors of Combined Group Contracting Company (CGC) met on Aug 9, 2012, and adopted the interim financial statements for the periods ending June 30, 2012, according to the following:
For the three months ending June 30, 2012, CGC reported a Profit of KD 1,021,668 as compared to a Profit of KD 4,340,214 for the same period ending 2011.
Particulars
(6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 4,083,345 1,379,534
Earnings per share (fils) 38.45 40.87
Total current assets 128,480,175 124,117,905
Total assets 145,604,185 140,483,344
Total current liabilities 83,459,067 81,268,204
Total liabilities 107,657,637 105,768,769
Total shareholders’ equity 37,946,548 34,714,575
Total expenses from transactions with parties amounts to KD (650,014)


Safwan Trading and Contracting Company (Safwan) reported that the Board of Directors met on Aug 9, 2012 and approved the interim financial statements for the H1 period ending June 30, 2012.
For the three months ending June 30, 2012, Safwan earned a Profit of KD 647,128, as compared to a Profit of KD 599,538 for the same period ending 2011.
Particulars
(6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 1,217,010 1,092,354
Earnings per share (fils) 24.91 22.30
Total current assets 30,397,472 24,599,273
Total assets 32,170,663 26,423,883
Total current liabilities 21,424,276 16,268,503
Total liabilities 21,867,139 16,903,983
Total shareholders’ equity 10,303,524 9,519,900
Total expenses from transactions with parties amounts to KD 225,474 and total revenue from transactions with related parties is worth KD 318,238.

Al Salam Group Holding Company (Al Salam) reported that the Board of Directors met on Aug 9, 2012 and approved the interim financial statements for the H1 period ending June 30, 2012.
For the three months ending June 30, 2012, Al Salam incurred a loss of KD 91,094 as compared to a loss of KD 53,326 for the same period ending 2011.
Particulars
(6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 238,729 (21,578)
Earnings per share (fils) 1.03 (0.09)
Total current assets 8,148,344 10,642,169
Total assets 30,905,148 37,390,239
Total current liabilities 1,745,894 5,702,594
Total liabilities 1,751,719 17,329,926
Total shareholders’ equity 29,153,429 20,060,313
The total revenue from transactions with related parties is worth KD 160,324.

Aref Energy Holding Company (Aref Energy) reported that the Board of Directors met on Aug 9, 2012 and approved the interim financial statements for the H1 period ending June 30, 2012.
For the three months ending June 30, 2012, Aref Energy made a Profit of KD 175,737 as compared to a Profit of KD 8,575 for the same period ending 2011.
Particulars
(6 months ending) June 30, 2012 June 30, 2011
Profit (KD) (9,017,460) (624,450)
Earnings per share (fils) (12) (0.8)
Total current assets 40,255,942 78,484,512
Total assets 83,048,454 104,830,967
Total current liabilities 16,380,134 21,383,272
Total liabilities 16,701,086 24,520,907
Total shareholders’ equity 62,705,143 72,278,159
Total expenses from transactions with parties amounts to KD 72,178

Kuwait City, Aug 9: Kuwait Hotels Company (Hotels) reported that the Board of Directors met on Aug 9, 2012 and approved the interim financial statements for the H1 period ending June 30, 2012.
For the three months ending June 30, 2012, the company earned a Profit of KD 148,915 or 2.6 fils per share, as compared to a loss of KD 203,129 for the same period ending 2011.
Particulars
(6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 342,512 16,035
Earnings per share (fils) 6.1 0.3
Total current assets 5,054,202 5,555,624
Total assets 12,736,246 14,125,454
Total current liabilities 5,632,178 6,841,972
Total liabilities 6,930,545 8,120,681
Total shareholders’ equity 5,801,931 6,670,879

Kuwait Stock Exchange announced that the Board of Directors of Al Soor Fuel Marketing Company (Soor) met on Aug 9, 2012, and adopted the interim financial statements for the periods ending June 30, 2012, according to the following:
For the three months ending June 30, 2012, Soor reported a Profit of KD 1,680,523 as compared to a Profit of KD 1,595,213 for the same period ending 2011.
Particulars
(6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 2,807,153 2,602,801
Earnings per share (fils) 8.03 7.45
Total current assets 22,764,247 19,816,816
Total assets 58,622,112 52,232,515
Total current liabilities 12,720,151 8,942,405
Total liabilities 12,921,564 10,572,273
Total shareholders’ equity 45,700,548 41,660,242
Total expenses from transactions with parties amounts to KD 39,601,890

Kuwait Stock Exchange announced that the Board of Directors of Fujairah Cement Industries Company (FCEM) met on Aug 9, 2012, and adopted the interim financial statements for the periods ending June 30, 2012.
For the three months ending June 30, 2012, FCEM reported a Profit of AED 15,089,391 which is equivalent to KD 1,159,331 as compared to a Profit of AED 6,079,874 (KD 454,400) for the same period ending 2011.
Particulars
(6 months ending) June 30, 2012 June 30, 2011
Profit (AED) 20,279,714 (8,751,621)
Earnings per share (fils) 5.7 (2.5)
Profit (KD) 1,558,108 (654,082)
Earnings per share (fils) 4.4 (1.8)
Total current assets (AED) 449,111,063 434,503,792
Total current assets (KD) 34,505,598 32,474,125
Total assets(AED) 1,777,107,405 1,828,819,203
Total assets(KD) 136,536,726 136,683,050
Total current liabilities(AED) 532,042,004 525,789,951
Total current liabilities(KD) 40,877,255 39,296,708
Total liabilities(AED) 854,189,782 864,680,244
Total liabilities(KD) 65,628,153 64,624,831
Total shareholders’ equity(AED) 992,917,623 964,138,959
Total shareholders’ equity(KD) 70,908,573 72,058,218
The total revenue from transactions with related parties is worth KD 111,260.

Kuwait Reinsurance Company reported that the Board of Directors met on Aug 8, 2012 and approved the interim financial statements for the H1 period ending June 30, 2012.
For the three months ending June 30, 2012, the company earned a Profit of KD 549,043 as compared to a loss of KD 539,478 for the same period ending 2011.
Particulars (6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 1,160,452 (452,217)
Earnings per share (fils) 9.47 (3.69)
Total current assets 57,759,469 58,577,328
Total assets 97,549,724 96,023,642
Total current liabilities 30,162,597 29,550,710
Total liabilities 59,662,338 60,338,774
Total shareholders’ equity 37,887,386 35,684,868
The total revenue from transactions with related parties is worth KD 154,684
Total expenses from transactions with parties amounts to KD 124,588

Board of Directors of Wethaq Takaful Insurance Company (Wethaq) met on Aug 9, 2012 and approved the interim financial statements for the first half period ending June 30, 2012.
Wethaq reported a Profit of KD 45,000 for the three months ending June 30, 2012 as compared to a Profit of KD 129,000 earned during the same period ending 2011.
Particulars (6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 185,000 27,000
Earnings per share (fils) 1.69 0.25
Total current assets 5,494,000 3,424,000
Total assets 15,331,000 13,641,000
Total current liabilities 2,937,000 1,610,000
Total liabilities 2,937,000 1,610,000
Total shareholders’ equity 11,239,000 11,186,000
Total expenses from transactions with parties amounts to KD 22,000

Board of Directors of Inovest Company (Inovest) met on Aug 8, 2012, and adopted the interim financial statements for the periods ending June 30, 2012.
For the three months ending June 30, 2012, Inovest reported a loss of USD 747,212 which is equivalent to KD 209,967 as compared to a loss of USD 1,995,801 (KD 560,820) for the same period ending 2011.
Particulars (6 months ending) June 30, 2012 June 30, 2011
Profit (USD) 412,326 (3,091,244)
Earnings per share (cent) 0.14 (1.09)
Profit (KD) 115.864 (868,640)
Earnings per share (fils) 0.39 (3.06)
Total current assets (USD) 82,260,111 114,839,300
Total current assets (KD) 23,115,091 32,269,843
Total assets(USD) 303,985,996 351,588,950
Total assets(KD) 85,420,065 98,796,495
Total current liabilities(USD) 41,074,278 77,454,407
Total current liabilities(KD) 11,541,872 21,764,688
Total liabilities(USD) 123,304,298 150,780,928
Total liabilities(KD) 34,648,508 42,369,441
Total shareholders’ equity(USD) 180,681,698 200,808,022
Total shareholders’ equity(KD) 50,771,557 56,427,054
Total expenses from transactions with parties amounts to KD 26.216 and total revenue from transactions with related parties is worth KD 1,534,720.

Kuwait Stock Exchange announced that the Board of Directors of Yiaco Medical Company met on Aug 9, 2012, and adopted the interim financial statements for the periods ending June 30, 2012, according to the following:
For the three months ending June 30, 2012, Yiaco reported a Profit of KD 1,431,910 as compared to a Profit of KD 1,174,046 for the same period ending 2011.
Particulars (6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 3,454,349 2,826,042
Earnings per share (fils) 20.94 17.13
Total current assets 61,213,722 54,330,892
Total assets 79, 183,733 70,485,858
Total current liabilities 46,305,244 41,124,781
Total liabilities 48,316,942 42,843,120
Total shareholders’ equity 30,673,607 27,470,380
Total expenses from transactions with parties amounts to KD 495,782

Kuwait City, Aug 9: Kuwait Hotels Company (Hotels) reported that the Board of Directors met on Aug 9, 2012 and approved the interim financial statements for the H1 period ending June 30, 2012.
For the three months ending June 30, 2012, the company earned a Profit of KD 148,915 or 2.6 fils per share, as compared to a loss of KD 203,129 for the same period ending 2011.
Particulars (6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 342,512 16,035
Earnings per share (fils) 6.1 0.3
Total current assets 5,054,202 5,555,624
Total assets 12,736,246 14,125,454
Total current liabilities 5,632,178 6,841,972
Total liabilities 6,930,545 8,120,681
Total shareholders’ equity 5,801,931 6,670,879

Future Kid Entertainment and Real Estate Company (Future Kid) obtained the approval of the Board of Directors on its interim financial statements for the H1 period ending June 30, 2012, dated Aug 9, 2012.
Future Kid reported a Profit of KD 635,446 for the three months ending June 30, 2012 as compared to a Profit of KD 641,012 earned during the same period ending 2011.
Particulars (6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 703,658 627,021
Earnings per share (fils) 6.13 5.58
Total current assets 2,631,745 4,041,625
Total assets 24,166,889 24,291,069
Total current liabilities 2,023,855 2,602,087
Total liabilities 3,408,396 3,733,474
Total shareholders’ equity 20,419,237 20,246,292
The total revenue from transactions with related parties is worth KD of 36,786
Total expenses from transactions with parties amounts to KD 172,302

Kuwait Packing Materials Mfg. Company (KPAK) reported that the Board of Directors met on Aug 9, 2012 and approved the interim financial statements for the H1 period ending June 30, 2012.
For the three months ending June 30, 2012, KPAK made a Profit of KD 270,416 as compared to a Profit of KD 285,739 for the same period ending 2011.
Particulars (6 months ending) June 30, 2012 June 30, 2011
Profit (KD) 506,067 576,311
Earnings per share (fils) 11.97 13.63
Total current assets 5,408,754 4,450,554
Total assets 12.801387 11,683,068
Total current liabilities 766.172 1,576,720
Total liabilities 1,025,325 2,148,758
Total shareholders’ equity 11,776,062 9,534,310
Total expenses from transactions with parties amounts to KD 54,241