Latest news with #Al-SafatInvestmentCompany
Kuwait Times
7 days ago
- Business
- Kuwait Times
Al-Safat Investment announces net profit of KD 4.65 million for H1 2025
Board of Directors approves a semi-annual cash dividend of 5% to shareholders KUWAIT: Al-Safat Investment Company announced net profits of KD 4.65 million for the first half of 2025, reflecting a strong financial performance that underscores the success of its strategy to restructure its investment portfolio, enhance operational efficiency, and manage liquidity effectively. This included exiting some non-strategic assets, focusing on high-yield, sustainable investments, expanding its client base through innovative and diversified investment solutions, and launching a market-making service for Kuwaiti-listed companies on Boursa Kuwait. In a historic step, the Board of Directors of Al-Safat approved a semi-annual cash dividend of 5 percent to shareholders for the first half of 2025. With this move, Al-Safat became the first listed Islamic investment company on Boursa Kuwait to adopt such an approach—affirming the strength of its financial position and management's confidence in its ability to generate sustainable profits. Al-Safat Investment Company Chairman Abdullah Al-Terkait stated: 'The adoption of semi-annual dividends for 2025 reflects the vision of Al-Safat's Board to enhance shareholder value and reinforce transparency and financial discipline. The company's management will continue to work towards sustaining this approach to deliver rewarding returns, strengthen stability, and support growth', he stated. On the operational front, the company's assets increased to KD 48 million by the end of the first half of 2025, compared to KD 44 million in the same period last year. Shareholders' equity also rose to KD 34 million from KD 29 million a year earlier—an encouraging indicator of the company's strong balance sheet and solid capital position. During the past period, the company completed several important steps, including exiting certain non-strategic investments and settling several legal and investment cases—positively impacting liquidity and financial strength. The strategic diversification of Al-Safat's portfolio—across sectors such as real estate, industrial, financial services, and technology, and across assets both inside and outside Kuwait—has played a key role in strengthening financial performance and reducing volatility, thereby supporting consistent returns and maximizing shareholder value through the achievements of the company and its subsidiaries. Notable achievements include the 'The Blue' Al-Ahmadi Craft Project of Dar Al-Safat, which reached an occupancy rate of 97 percent, thanks to effective leasing and real estate development policies. Subsidiaries also saw improved performance Synergy Holding Co (K.S.C.C.) moved from a net loss of KD 804.6 thousand in 2023 to a net profit of KD 59.7 thousand in 2024, supported by strong revenue growth. Shuaiba Industrial Co (K.S.C.C.) maintained strong profitability despite challenging market conditions through cost control, improved profit margins, and operational efficiency. Modern Printing & Publishing Co, a group subsidiary, achieved solid operational results with sales growth, improved profitability, and wider margins—demonstrating its focus on profitable and sustainable growth. Zak Solutions, one of Kuwait's leading technology service providers and an Al-Safat investment, recorded significant annual profit growth driven by improved efficiency and higher gross profit—bolstering financial stability and positioning it to capture future growth opportunities. Al-Safat is also expanding its review and pursuit of new government projects, in which it invests through its group companies, while enhancing its real estate portfolio in line with sustainable growth priorities and risk management. The company aims to continue its carefully planned investment expansion both locally and abroad, seeking new high-quality opportunities while adhering fully to Islamic Sharia principles in all operations and investments, and adopting best practices in governance, as well as social and environmental responsibility—reinforcing its role as a trusted and active investment partner in supporting development in Kuwait.
Kuwait Times
26-05-2025
- Business
- Kuwait Times
Al-Terkait: New strategic plan for Al-Safat to strengthen local and regional presence
KUWAIT: Chairman of Al-Safat Investment Company Abdullah Hamad Al-Terkait announced that the company has adopted a new strategic plan aimed at reinforcing its presence both locally and stated that 2024 was filled with challenges and opportunities, which the company managed to capitalize on in ways that served its interests and protected shareholders' rights. Shareholders' equity rose from KD 29.4 million in 2023 to KD 30.5 million at the end of 2024, with total assets reaching KD 43.7 million. Speaking at the company's annual general assembly, which was held with an attendance rate of 55.24 percent, Al-Terkait highlighted the key achievements and strategic decisions made over the past year. He also reviewed the main financial and operational initiatives that expanded the company's investment base and strengthened its position in local and regional financial markets. Impairment offset The general assembly approved all items on the agenda, including the election of a new board of directors for a three-year term, comprising: •Abdullah Hamad Al-Terkait – Representative of Al-Safat Holding Company •Ziad Tariq Al-Mukhaizeem – Representative of Dar Al-Safat General Trading Company •Bashar Abdullah Al-Mashari – Representative of Al-Safat Consultancy •Dr. Anwar Ali Al-Naqi – Representative of Kuwait Industries Holding Company – Independent •Abdulmohsen Suleiman Al-Meshaan – Independent •Mishaal Ahmad Al-Jarki – Independent •Yousef Suleiman Al-Dhuwikh – Independent The assembly also reviewed the board's recommendation to reduce the company's capital from KD 38,327,569 to KD 31,752,229 by canceling 65,753,400 shares at a nominal value of 100 fils per share. This move is intended to offset accumulated impairments totaling KD 6,575,340, in accordance with audited financial statements for the fiscal year ending December 31, 2024. Dividend distribution Items discussed at the assembly included the company's potential to distribute dividends to shareholders at the end of the fiscal year or on a periodic basis (quarterly or semi-annually), provided these distributions are based on actual profits. Al-Terkait emphasized that the company's future vision focuses on sustainable growth and enhancing shareholder value in a rapidly evolving economic environment. This requires the company to operate dynamically in response to global and local challenges. Abdullah Hamad Al-Terkait Strengthening the company's position Al-Terkait noted that 2024 witnessed several key milestones that reinforced Al-Safat Investment's position and aligned with its sustainable growth strategy. The company successfully exited its investment in the Middle East Chemicals Manufacturing Company, generating a net return of KD 331,050, which was recorded in the third quarter of last year. The company also completed the conversion of all 'Cap Corp' investments after obtaining regulatory approvals and resolved ongoing legal disputes related to those investments. Market maker role On the technological front, Al-Terkait stated that the company has completed a comprehensive upgrade of its infrastructure and digital platforms in support of its role as a market maker. It has adopted the BINS portfolio management and financial reporting system and the VESTO system for market making—becoming the first company in Kuwait to use these global platforms. Legal settlement Reflecting its commitment to protecting shareholder rights and maximizing returns, Al-Terkait announced the successful conclusion of a financial settlement with UAE-based Evolvence and Khalid Salem Al-Muhairi. The settlement totaled AED 160 million, with the first installment of AED 60 million already received. This had a positive impact on the company's performance in the first quarter of 2025, during which it posted exceptional results exceeding KD 4.6 million. Sustainable growth Al-Terkait said the company aims to achieve sustainable growth through its comprehensive board-approved plan, which focuses on seizing promising investment opportunities that will further solidify its position in the investment sector through diversification and expansion across various fields. Occupancy rates The company increased the occupancy rate at its Ahmadi Industrial Project 'The Blue' to 91 percent in 2024, up from 65 percent in 2023—highlighting the success of its leasing and real estate development strategies. He added that, under a clear strategic framework, the company intends to continue exiting certain industrial sector investments and holdings that have reached their designated investment term. The resulting liquidity will be wisely reinvested into new acquisitions and projects that comply with Islamic Sharia, in line with the company's business model and goals to boost shareholder equity. Regulatory standards Al-Terkait noted that the company concluded the year with an achievement that reflects its commitment to regulatory compliance. The 2024 report from the Capital Markets Authority was free of any violations or warnings, reaffirming Al-Safat Investment's adherence to high standards of governance and transparency. He praised the company's team for their efforts to achieve the desired goals, adding: 'Believing in the vital role of human capital, Al-Safat Investment places employee development at the top of its priorities, offering advanced training programs that enhance staff capabilities and keep pace with rapid changes in the financial and investment sectors.' He concluded by affirming the company's commitment to risk diversification policies and minimizing risk exposure to ensure financial sustainability and bolster investor confidence, thus solidifying its position as a leading investment firm capable of navigating challenges and seizing opportunities in a dynamic economic landscape. Al-Terkait expressed his sincere gratitude to all shareholders, board members, and executive management for their continued support of Al-Safat Investment's operations. He also thanked regulatory bodies in Kuwait—including the Capital Markets Authority, the Ministry of Commerce and Industry and the Central Bank of Kuwait—for their cooperation and ongoing efforts to enhance and develop the country's financial markets, thereby contributing to the sector's stability and growth.
Kuwait Times
11-05-2025
- Business
- Kuwait Times
Al-Terkait: Al-Safat Investment Co records exceptional Q1 profit of KD 4.6 million
Company assets rose to KD 48.8 million KUWAIT: Al-Safat Investment Company announced exceptional financial results for the first quarter of 2025, with net profits surging to more than KD 4.6 million — a growth of over 4,244 percent compared to the same period in 2024. This reflects the success of the company's investment strategy and the restructuring of its financial portfolio. On this occasion, the company's Chairman Abdullah Hamad Al-Terkait stated that Al-Safat's positive shift was achieved thanks to the efforts of the team at all levels, working in an integrated and comprehensive manner over the past period to enhance the company's operations. By the end of Q1 2025, the company's total assets reached KD 48.8 million, compared to KD 43.7 million in the same period of 2024, while shareholder equity jumped to KD 39 million. Strategic transformation Al-Terkait explained in a press statement that, aside from recovering financial rights, the company's growth is the result of a comprehensive strategic transformation plan initiated in mid-2024. This included restructuring the asset portfolio, exiting unprofitable investments, and investing in high-growth sectors, in addition to improving operational efficiency and liquidity management. He noted that the company's sustainable growth plan includes several key strategic directions: Expanding client services by enhancing communication channels, offering personalized and innovative investment solutions, and broadening the investor base of individuals and institutions. Launching new investment divisions focused on alternative assets, direct investments, and sustainable projects, with plans to establish specialized funds in Gulf markets. Exploring acquisition and asset merger opportunities locally and internationally to maximize returns and diversify income sources and gradually exiting non-performing assets and redirecting their value to economically-viable investments. A new phase Al-Terkait affirmed that 'the Q1 results mark the start of a new phase of growth based on efficiency, innovation, and openness to promising markets,' stressing that Al-Safat is on a confident path to becoming one of the region's leading investment companies in the coming years. He added, 'Al-Safat's Q1 performance confirms that the company is on track to achieve its ambitious goals through effective management, a clear expansion vision, and dynamic engagement with market changes.' He expects the company to maintain strong performance in upcoming periods, supported by shareholder trust and the expertise of its executive team. Challenges and opportunities Al-Terkait noted that the recent period was filled with both challenges and opportunities, during which the company restructured its investments and implemented several financial and operational initiatives that strengthened its position in the investment sector. He emphasized that the company's forward-looking vision and strategic goals will lead to sustainable growth and increased shareholder value amid an ever-changing economic environment requiring continuous adaptation to local and global challenges. Key milestones He highlighted that the company maintained business stability and achieved major milestones, including exiting its investment in the Middle East Chemicals Manufacturing Company through a subsidiary. He also noted that Al-Safat successfully completed the transfer of all 'Cap Corp' investments after securing all regulatory approvals and settling legal disputes related to the company. In a step reflecting its commitment to protecting shareholder rights and maximizing returns, Al-Safat finalized all negotiations for a financial settlement with UAE-based Evolvence and Khalid Salem Al-Muhairi. The total settlement was valued at AED 160 million, with the company receiving the first installment of AED 60 million, which will positively impact Q1 2025 financials. Future outlook Al-Terkait stated that Al-Safat Investment aims for sustainable growth through a comprehensive strategy focusing on seizing promising investment opportunities and strengthening its investment position via diversification and expansion across various promising channels and sectors. Their outlook includes both local and international markets, as well as domestic partnerships aimed at boosting investment liquidity and enhancing professional expertise, all of which contribute to risk diversification — and reduction — to ensure maximum financial returns for shareholders. As part of its clear strategy, the company also plans to continue exiting investments that have reached their intended duration, while wisely deploying capital into projects compliant with Islamic Shariah principles. Al-Safat also seeks local expansion by entering new markets and exploring innovative investment sectors that support its development strategy. In this context, the company will research, study, and introduce new investment products tailored to meet changing market demands.
