Al-Safat Investment is open for merger, Al-Terkait says

KUWAIT: Chairman of the Board of Safat Funding Firm Abdullah Hamad Al-Terkait mentioned the corporate is open for merger with different native firms. This, he mentioned, shall be an added worth to shareholders of varied teams. The method requires intensive technical research in keeping with the requirements and authorized guidelines. The idea shall be introduced to the involved regulatory authorities when a last deal is reached.

Al-Terkait was talking on the sidelines of the overall meeting which elected its board of administrators final week for a brand new time period. The brand new board of administrators embrace; Abdullah Hamad Al-Terkait (Chairman); Fahad Abdulrahman Al-Mukhaizeem (Deputy Chairman); Abdulrazaq Zaid Al-Dhubayan; Nasser Bader Al-Sharhan; Anwar Ali Al-Taqi; Mishal Ahmad Al-Jarki and Abdulmohsen Suleiman Al-Mashaan.

Al-Terkait acknowledged that the corporate achieved a complete (working and funding) revenues of KD 7 million – of which the working revenues amounted to KD 3.3 million, in comparison with what was achieved within the earlier yr, the place the group achieved an working earnings of KD 3 million – a rise of 11% in comparison with the earlier yr.

In keeping with the corporate’s prudent coverage of hedging and proactive recognition of defaults on some investments, Al-Terkait defined that Al-Safat Funding Firm achieved a web revenue of KD 1.4 million for the yr 2021, equal to earnings per share of 5.34 fils, in comparison with about KD 7 million for the web revenue achieved within the yr 2020.

He famous that Safat has stable property that quantity to KD 40 million on the finish of 2021, pointing to a rise in complete shareholders’ fairness to KD 23 million by the top of December 2021 (a rise of 4% in comparison with the identical interval in 2020). “The annual enhance is comparatively small in comparison with earlier years, however we contemplate it a transparent proof of the Group’s resilience within the face of surprising market situations,” he identified, including that the overall debt and liabilities of the group decreased by 6% to achieve KD 11 million in 2021 in comparison with KD 12 million the earlier yr.

Al-Terkait mentioned that the Al-Safat Group has developed versatile methods that have been adopted in 2019 and can finish within the yr 2023. Al-Safat seeks to hold out an efficient exit from non-generating property and work to switch it with property with excessive potentials which can be fastidiously chosen to have the ability to obtain an excellent and sustainable earnings.

He expressed his confidence within the firm’s enterprise mannequin which is characterised by power and suppleness – confirming the crew’s means and ambitions. He mentioned the corporate enjoys an excellent standing that permits it to regulate to the adjustments within the monetary companies market and the financial surroundings generally.

He mentioned that Al-Safat is wanting ahead to future listings because it seeks to organize its entities consistent with commonplace situations. The corporate has succeeded in including a brand new sustained income with the conclusion of Al-Ahmadi challenge on the finish of 2021. The challenge is predicted to have a sustainable monetary impact with the present firm’s real-estate initiatives that’s in Hawally – (BOT challenge).

The chairman indicated that there are future efforts to make Safat eligible for itemizing within the premier market, by the market worth of the corporate within the vary of KD 78 million. “We’re pleased with our means to fulfill our commitments to attain our strategic objectives and strengthen the market’s confidence,” he famous. “We’re transferring in direction of diversifying investments. The corporate will help and finance small and medium initiatives in order to advertise Kuwaiti younger entrepreneurs,” he mentioned.

“Company social accountability is the voluntary contribution of our firm to the group as we contribute within the financial, social, environmental and different developmental initiatives and packages within the nation”, he mentioned, including that Safat pays nice consideration to social accountability and needs to play an lively function in giving again to the society and to the state – “primarily based on our agency perception that the function of firms shouldn’t cease at profitability solely.” Al-Terkait known as for the significance of extending the social accountability to spreading environmental and well being consciousness, which can deal with the upliftment and renaissance of societies, along with charitable works.