Kuwaiti paper bag manufacturer Shuaiba Paper Products generated a total 6.8 mln Kuwaiti dinars ($23.3m) in sales in 2004, registering a 17 per cent year-on-year increase, it was reported on May 1, 2005. Exports accounted for 74 per cent of the company’s total sales in 2004.
Shuaiba Paper Products reported an operating profit of 594,320 dinars ($2.0m) in 2004, compared to an operating loss for the previous year, the company’s chairman, Mohammad Abdulaziz al-Bahar, said speaking at the company’s general shareholders’ meeting on April 30, 2005.
At present, the company is involved in the establishment of two paper plants in Saudi Arabia and Pakistan in partnerships with Saudi cement maker Yanbu Cement Company (YCC) and Pakistan’s cement maker DG Khan Cement. During the meeting, the company’s shareholders approved the board’s proposals for a cash dividend of 5.0 fils ($0.017) per share for 2004 and a 15 per cent bonus issue.