KUWAIT, 3 February 2007 — Global Investment House (Global) announced yesterday that its annual profits for the year ending Dec. 31, 2006 stood at 71.4 million Kuwait dinars ($246.6 million) compared to KD61.4 million ($212 million) in 2005.
The company’s board has recommended the approval of the General Assembly to distribute 50 percent cash dividend and 20 percent share dividends. The total amount of the cash dividend to be distributed is KD34.4 million ($118.8 million) compared to KD19.2 million ($66.1 million) in 2005, which translates to an increase of 79 percent. The operating revenue recorded an increase of 38 percent compared to last year’s KD110.4 million ($381.1 million). The fees, interest and dividend based revenues for the period stood at KD43.6 million ($150.7 million), which accounts for 40 percent of the total revenues.
Anwar A. Al-Nouri, chairman of Global, said Global continued to achieve positive results and maintained sustainable growth. He added that in times when the total market
The company was very successful in managing the expansion of its total assets, which have grown by 130 percent in 2006 to reach KD691.9 million as at Dec. 31, 2006.