Mazin Al-Nahedh, Group Chief Executive Officer at Kuwait Finance House (KFH) highlighted the financial performance for Year End 2019. He said that KFH realized a net profit of KD 251.0 million for the year 2019 for KFH shareholders an increase of 10.4% over last year.
Total financing income reached KD 931.6 million, i.e. an increase of 8.1% compared to last year. Net operating income increased to reach KD 510.1 million, i.e. a growth of 12.5% over the last year. Earnings per share for 2019 reached 36.45 fils an increase of 10.3% over last year.
The Board of Directors has proposed 20% cash dividends to shareholders and 10% bonus shares subject to general assembly and concerned authorities’ approval.
Al-Nahedh added during the Earnings Webcast for Year End 2019, that the solid financial statements that KFH achieved in 2019 came as a result of achieving the highest levels of innovation and excellence in customer services. Also, these strong results confirm KFH’s ability to adapt to the challenges that the region and global markets witnessed in 2019.
In addition, the prudent approach that KFH follows towards risk management created a buffer against market fluctuations and geopolitical developments regionally and worldwide.
He continued: “The high liquidity levels that KFH enjoys are one of its main strengths along with the Group’s geographical spread in Turkey, Germany, Bahrain, and Malaysia, as well as the diversified investment and banking services that are aligned with latest financial technology.”
Al-Nahedh explained that the year 2019 achieved success in many aspects as KFH made qualitative leaps in implementing its digital transformation strategy, by adopting the latest financial technology innovations.
KFH also has a leading position in the Islamic Sukuk and Financial Services market. Investment in Sukuk reached KD 2.276 billion an increase of KD 713 million i.e. a growth of 45.6% compared to last year having most of the balance representing sovereign sukuk.
He pointed out that on January 20, 2020 KFH has held its ordinary and extraordinary general assembly meetings, in which it approved key aspects regarding the acquisition of AUB Bahrain including the Sharia Supervisory Board’s report on the conversion plan to Sharia compliance, the assessment reports prepared by the international advisors noting the fair exchange rate of 2.325581 shares of AUB Bahrain for one share of KFH, in addition to the listing of KFH in Bahrain Bourse.
Al-Nahedh said that KFH has disclosed to the regulatory authorities and the market the latest developments regarding the Acquisition. All these disclosures were published via the official website of Boursa Kuwait and any new development will be updated as and when it comes available.
Source Zawya