CFC net profit rises 20pc to $61 million
Kuwait, March 9, 2011
Kuwait-based Commercial Facilities Company (CFC) posted a net profit of KD 17.142 million ($61.6 million) for 2010, up 20.2 per cent compared to KD 14.267 million in 2009, led by strong revenue growth in its core operations.
The leading provider of credit facilities for consumer and commercial products also announced shareholders’ equity for the year 2010 of KD 161.357 million as opposed to KD 153.283 million in 2009.
CFC’s board has approved dividend of 22 fils per share compared to 20 fils of last year despite the global financial crisis.
“We are very pleased with our 2010 financial performance that resulted in an excellent profit, given the market circumstances. This achievement demonstrates our outstanding performance and is a clear confirmation that our business model is solid and dynamic,” said Abdullah Saud Al Humaidhi, chairman and managing director, CFC.-TradeArabia News Service