ISKAN Reveals 2008 Financial Results during its Annual General Meeting
Sheikh Abdullah Jaber Al-Ahmed Al-Sabah: The Company adopted conservative yet flexible approach
Kuwait-based Housing Finance Company ISKAN, announced yesterday its consolidated financial results for the year ended December 31, 2008, posting a net profit of KD 490 thousand or 1.68 fils per share, where by total assets increased to KD 259 million.
The meeting was held at the Ministry of Trade and Industry at the Ministries Complex, and was attended by the company’s Chairman and senior management, as well as the company’s auditors, a representative from the Ministry of Commerce, major shareholders and the media.
Sheikh Abdullah Jaber Al-Ahmed Al-Sabah, Chairman of Housing Finance Company ISKAN, stated: “2008 was clearly a challenging year for both local as well as foreign companies due to the ramifications of the market’s volatility. The company owns valuable assets which mirrors its current position as a stable investment company and is well on its way to restructure its balance sheet and business model. As a result of the company’s conservative business approach and through creating necessary provisions that will allow it to face current market unrest, we are aligning with Central Bank’s regulations in achieving returns on the company’s investments that will further build on its current conservative business strategy.”
Despite 2008 proving to be one of the most difficult in the company’s history, our policy of operating a streamlined and consolidated business and reducing costs has positioned us with the maximum flexibility to gear up to opportunities in 2009, added Sheikh Abdulla Jaber Al-Ahmed Al Sabah.
ISKAN reached the final stages in its efforts to completely shift its business activities into a fully integrated investment company, rather than just a finance company through investing locally in the real estate sector. Moreover, part of ISKAN’S geographical expansion plan is the development of its prime project in the Sultanate of Oman, Zahrat Al Khareef, which is managed and developed by ISKAN’s subsidiary, ISKAN Oman Investment Company. The company further introduced various robust investment instruments as well as different opportunities for its shareholders through detailed market studies.
The company achieved unprecedented results during the first three quarters of the year, while its performance during the last quarter was affected as a result of the financial crisis’s repercussions. ISKAN’s policy of operating a streamlined and consolidated business and reducing costs has positioned the company with the maximum flexibility to gear up to opportunities in 2009.
Total company assets also increased by a significant 25 percent to KD 259 million, compared to KD 208 million in the same period of last year, a result of the company’s diversified activities that include acquiring a 42% stake in First Bahrain Real Estate Development Company, developing ISKAN Oman Investment Company and acquiring a 45% stake, developing and acquiring a 31% stake in ISKAN International Real Estate Development Company. Housing Finance Company ISKAN also took part in what is considered to be one of the major real estate projects in Kuwait, the Khairan Pearl City residential and commercial project.
