Al-Safat News

Al-Safat Companies Moves to their New Headquarters

 

Al-Safat Investment Company has moved to their new offices at Al-Safat Group Headquarters building at the following address:

 

Hawalli, Beirut Street

Facing Qadisiah Club, Safat Tower, 13, 14,15 Floor

Telephone: 2267 5130    Operator: 1 877 777

Fax: 2267 5232
 

Al-Safat: A Profit of KD 4.25 million from a Divestment

 

A subsidiary of Al-Safat Investment Company (Safat) has divested 100% of its investment in a project in the People's Republic of China, thereby achieving a profit of KD 4.25 million. This deal will reflect favorably on Al-Safat Investment Company’s financials, reflecting the 100% divestment and a profit of 5.5 Fils approximately per share.  The profits will be seen in the company's financial statements for the second quarter ending 30 June, 2010.

 

KD 1.2 million Profits for the First Quarter

 

Walid Ahmed Al-Sharhan,  the Chairman and Managing Director of Al-Safat Investment Company  has announced that for  the first quarter of 2010 the company achieved a net profit of KD 1.23 million , representing 1.6 Fils per share compared to a loss of KD 1.960 million during the same period of 2009 (2.54 Fils per share). During the quarter ended 31 March 2010 total revenues amounted to KD 3.1 million from operating activities.

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Al-Safat Group

KD 1.2 million Profits for the First Quarter

 

Walid Ahmed Al-Sharhan,  the Chairman and Managing Director of Al-Safat Investment Company  has announced that for  the first quarter of 2010 the company achieved a net profit of KD 1.23 million , representing 1.6 Fils per share compared to a loss of KD 1.960 million during the same period of 2009 (2.54 Fils per share). During the quarter ended 31 March 2010 total revenues amounted to KD 3.1 million from operating activities.

 

 

In the first quarter of this year, the company settled wakala agencies amounting to KD 1.75 million, thereby reducing the wakala portfolio from KD 65.8 million at the end of 2009 to KD 64.3 million on March 31, 2010.  No other wakala agencies have matured until the date of issuing the financial statements.

 

The company is in the final stage of negotiating for settling more than one wakala agency. Simultaneously, the company will continue to increase its assets and reduce its liabilities in order to further strengthen its financial position by year-end.

 

Following the issue of its financial statements for the three-month period ended 31 March 2010; the company opened its headquarters for the Safat Group in Hawalli Governorate. The Group companies have moved to the new building, which consists of 17 floors including a commercial shopping center with a total built area of 6500 square meters.