The Commercial Facilities Company (S.A.K) (CFC) announced today that its General Assembly has reviewed and approved the audited financial statements for the year 2011. CFC achieved profits of KD 14.2 million and the growth of the company’s assets is 3.2% for 2011 which was released recently according to its 33rd Annual Report.
In spite of fluctuations in the economic and political situation and the weak performance of the Kuwait Stock Exchange as well as the continuation of the low interest on the KD last year, CFC has achieved a net profit of KD 14.2 million.
Based on the realized profits of the year the Board of Directors proposed to the General Assembly the distribution of a cash dividend of 22% (22 fils per share) , the General Assembly has consented this recommendation.
CFC Chairman and Managing Director Mr. Abdullah Saud Al-Humaidhi said: “Our strong performance in a challenging business environment is a reflection of the company’s resilience and strength. Despite the market challenges, we have been able to achieve the plan and 2011 has been another good year for CFC.
“We are constantly endeavoring to improve and innovate our product offerings in line with the demands and expectations of the market. We will continue, as a team, to strive towards achieving our corporate goals to ensure quality service to our customers and create value for our shareholders.”
The company’s financing operations during the year included a bonds issue amounting to KD 50 million, with an interest rate of CBK discount rate plus 1.4% payable quarterly in arrears. The bonds will be redeemed in eight quarterly installments from 14 March 2014 to 14 December 2015. In addition, the company arranged for Kuwaiti dinar loans amounting to KD 17 million and US dollar loans amounting to $95 million.
CFC was established in 1977 as the first Kuwaiti closed shareholding company specializing in offering consumer loans in Kuwait. It has developed its business to become the leading specialist provider of consumer credit in its local market, and is also the largest consumer finance company in Kuwait.