Kuwait Cement profit up almost double

Kuwait Cement profit up almost double
Published: 23 March 2006

Kuwait Cement said its 2005 profit jumped 95 per cent to KD37.7 million (US$129m), almost 77 per cent of it in ’unrealised profits’. The company said in a statement on the Kuwait bourse Web site that the earnings rose from KD19.3 million in 2004 while earnings per share increased to 96.35 fils from 48.92 fils. Kuwait Cement also said KD29 million of the latest earnings were unrealised profits, or gains in the value of its portfolio that have been booked as earnings without the underlying assets being sold to actually realise these gains.