National Ranges Company profits up 485% to KD13.9 million
National Ranges Company half-year earnings jump 485%
Kuwait: National Ranges Company K.S.C.C. (Mayadeen), a listed Kuwaiti shareholding company, has announced a profit increase of 485 per cent for the first half of 2008.
The company's assets also rose to KD 181.7 million, up from KD 135.5 million during the same period last year, which translates to a 34 per cent increase.
Khaled Jassim Al-Wazzan, Chairman of the National Ranges Company, declared that the half-year profits reached KD13.9 million, which is equal to 14.09 fils per share. He pointed out that Mayadeen's results represent the highest in the company's history on account of its capital of KD100 million.
He said that the profits during the same period in 2007 amounted to KD2.39 million Kuwaiti Dinars, which is equal to 2.39 fils per share.
Reflecting these increases, the company's shareholders saw their equity rise from KD 103.5 million to KD113.54 million or a growth rate of 10 per cent.
