Hilal Cement 2008 net profit drops to US$2.2m

Hilal Cement 2008 net profit drops to US$2.2m
Published: 30 March 2009

Kuwaiti cement producer Hilal Cement registered a decline in its net profit to KWD 684,321 (USD 2.2m in the first nine months of 2008 from KWD 6.6m a year earlier, the company said today in a filing to the Kuwait Stock Exchange (KSE).

The earnings per share (EPS) stood at 12 fils in 2008, versus 115 fils in 2007. The company’s total assets rose to KWD 22.7 million at end-December 2008 from KWD 18.9 million a year ago.

The board of directors has recommended a 10% bonus issue, at a rate of 10 shares for every 100 shares held.

In April 2008, Hilal Cement said it had acquired 100 per cent in a local ready-mix concrete producer for KWD3.2m. A month earlier, the company bought 100 per cent in local ready-mix concrete producer Gulf Readymix for KWD 3.7m. In February, a similar deal was concluded in which Hilal Cement acquired Kuwait German Readymix.