KUWAIT CITY, Aug 8: KIPCO Asset Management Company KSC - KAMCO — reported its financial results for the first half of 2010. During the first half, KAMCO posted a net profit of Kuwaiti Dinars 1.32 million which has resulted in earnings-per-share (EPS) of 5.52 Fils, while mid-year revenues stand at Kuwaiti Dinars 5.60 million.
KAMCO’s Managing Director and CEO, Mr Sadoun Al Ali said, “Our mid-year results come as a consequence of local and global micro-economi and macro economic factors. During the year, we refocused our efforts on specific financial services and investment opportunities which are unique to the global phase of economic recovery.
These include corporate restructuring, mergers and acquisitions, investment advisory and diversified asset allocation. Our staff will carry forward our foresight-based business approach into the rest of 2010 and beyond. On behalf of the Board of Directors of KAMCO and its Executive Management, I thank our shareholders, business partners, clients and staff for their support through the years and we look forward to achieving better results.”
Despite the financial setbacks, KAMCO continued to make significant accomplishment in 2010. For example, it acted as a joint lead manager with NBK Capital in issuing KD 40 million worth of bonds for United Real Estate Company in June.
Furthermore, KAMCO prolongs to fulfill its corporate social responsibility agenda by creating the KAMCO Stock Simulator — a trading simulator which was created for members of the Finance Club at Kuwait University to practice and test their trading skills without the risk of actually losing any money.

Central Bank of Kuwait has approved the financial statements of Kuwait Financial Centre Company (Markaz) for the half year ending June 30, 2010, dated Aug 5, 2010.
For the three months ending June 30, 2010 Markaz sustained a loss of KD 2.2 million compared to a profit of KD 5.578 million earned during the same period of 2009.
Particulars June 30, June 30,
(6 months ending) 2010 2009
Profit (Loss) (KD) (mln) 1.448 2.219
EPS (LPS) (fils) 3 5
Total current assets (mln) 80.326 72.175
Total assets (mln) 121.513 114.138
Total current liabilities (mln) 7.295 4.09
Total liabilities (mln) 37.961 33.601
Total equity (mln) 83.509 80.493
The net profit includes total income from transactions worth KD 3.193 million and total expenses amounting to KD 268,000.

Central Bank of Kuwait has approved the financial statements of Markaz Real Estate Fund (MAREF) for the half year ending June 30, 2010, dated Aug 5, 2010.
For the three months ending June 30, 2010 MAREF earned a profit of KD 331 thousand compared to a profit of KD 288 thousand earned during the same period of 2009.
Particulars June 30, June 30,
(6 months ending) 2010 2009
Profit (Loss) (KD) 875,014 (2,636,117)
EPS (LPS) (fils) 43 (123)
Total current assets 3,610,517 3,677,192
Total assets 30,233,684 29,628,179
Total current
liabilities 3,293,326 1,552,451
Total liabilities 3,293,326 1,552,451
Total equity 26,940,358 28,075,728
The net profit includes total income from transactions worth KD 127,120.

Kuwait Stock Exchange announced that the Board of Directors of the Tameer Real Estate Investment Company (Tameer) met on Aug 8, 2010, and adopted the financial statements for the H1 periods ending June 30, 2010.
Tameer earned a profit of KD 1.06 million or 4.6 fils per share for the three months ending June 30, 2010 as compared to a loss of KD 147 thousand incurred during the same period last year.
Particulars June 30, June 30,
(6 months ending) 2010 2009
Profit (Loss) (KD) 749,386 (747,667)
EPS (LPS) (fils) 3.24 (3.23)
Total current assets 9,475,562 4,435,344
Total assets 34,055,292 49,118,385
Total current
liabilities 3,333,776 13,401,015
Total liabilities 7,381,220 18,812,295
Total equity 26,674,072 30,306,090
The net profit includes total income from transactions worth KD 1,165,049.

Central Bank of Kuwait has approved the financial statements of Osoul Investment Company (Osoul) for the half year ending June 30, 2010, dated Aug 8, 2010.
For the three months ending June 30, 2010 Osoul sustained a loss of KD 217 thousand compared to a loss of KD 442 thousand incurred during the same period of 2009.
Particulars June 30, June 30,
(6 months ending) 2010 2009
Profit (Loss) (KD) (468,642) (1,095,650)
EPS (LPS) (fils) (1.35) (3.15)
Total current assets 8,310,493 19,697,590
Total assets 25,496,415 31,602,496
Total current
liabilities 2,676,931 4,219,168
Total liabilities 6,584,119 9,219,550
Total equity 18,912,296 22,277,200
The net profit includes total income from transactions worth KD 15,171 and total expenditure amounting to KD 875,690.

Board of Directors of the Soor Fuel Marketing Company (SOOR) met on Aug 8, 2010, and adopted the financial statements for the half year ending June 30, 2010.
For the three months ending June 30, 2010 Soor made a profit of KD 749 thousand as compared to a profit of KD 1.8 million earned during the same period last year.
Particulars June 30, June 30,
(6 months ending) 2010 2009
Profit (Loss) (KD) 2,062,802 2,324,525
EPS (LPS) (fils) 6.88 7.75
Total current assets 25,204,893 26,446,397
Total assets 47,283,742 45,714,582
Total current
liabilities 10,397,851 9,825,187
Total liabilities 10,530,479 9,925,578
Total equity 36,753,263 35,789,004
The net profit includes total expenditure amounting to KD 35,943,055.

Commercial Real Estate Company (Al-Tijaria) reported that the board of directors met on Aug 8, 2010 and adopted the annual financial statements for the half year ending June 30, 2010.
For the three months ending June 30, 2010 Al-Tijaria earned a profit of KD 1.3 million as compared to a profit of KD 2.3 million earned during the same period last year.
Particulars June 30, June 30,
(6 months ending) 2010 2009
Profit (Loss) (KD) 4,212,269 9,527,696
EPS (LPS) (fils) 2.38 5.37
Total current assets 62,174,922 59,912,322
Total assets 419,262,886 414,911,724
Total current
liabilities 107,274,952 146,167,407
Total liabilities 176,720,981 187,295,131
Total equity 242,541,905 227,616,593
The net profit includes total expenditure amounting to KD 241,162.

Board of Directors of the Metal and Recycling Company met on Aug 5, 2010, and adopted the financial statements for the half year ending June 30, 2010.
For the three months ending June 30, 2010 the company sustained a loss of KD 102 thousand as compared to a loss of KD 371 thousand incurred during the same period end June 30, 2009.
Particulars June 30, June 30,
(6 months ending) 2010 2009
Profit (Loss) (KD) 83,866 (304,603)
EPS (LPS) (fils) 0.74 (3.94)
Total current assets 15,488,488 20,691,586
Total assets 26,040,155 32,507,479
Total current
liabilities 4,681,849 6,620,591
Total liabilities 4,915,891 6,873,228
Total equity 21,124,264 25,634,251

Amar Finance & Leasing Company (Amar) reported that it received approval of the Central Bank of Kuwait on its financial statements for the half year ending June 30, 2010, dated Aug 5, 2010.
For the three months ending June 30, 2010 Amar sustained a loss of KD 104,000.
Particulars (6 months ending) June 30,2010
Profit (Loss) (KD) 1,095,366
EPS (LPS) (fils) 5.5
Total current assets 8,212,978
Total assets 32,741,747
Total current liabilities 8,593,332
Total liabilities 10,857,038
Total equity 21,884,709
Total income from transactions worth KD 25,207

Kuwait Stock Exchange announced that the Board of Directors of the Munshaat Real Estate Projects Company met on Aug 5, 2010, and adopted the financial statements for the H1 periods ending June 30, 2010.
The company incurred a loss of KD 4.5 million for the three months ending June 30, 2010 as compared to a profit of KD 785, 000 earned during the same period last year.
Particulars June 30, June 30,
(6 months ending) 2010 2009
Profit (Loss) (KD) (7,992,212) 243,958
EPS (LPS) (fils) (25) 1
Total current assets 25,397,143 56,570,570
Total assets 221,045,877 278,363,394
Total current
liabilities 108,997,446 100,413,444
Total liabilities 168,765,050 173,310,226
Total equity 50,943,049 103,943,246
The net profit includes total expenditure amounting to KD 426,609 and total income from transactions worth KD 1,924,929.

Board of Directors of the International Resorts Company (IRC) met on Aug 5, 2010, and adopted the financial statements for the half year ending June 30, 2010.
For the three months ending June 30, 2010 IRC incurred a loss of KD 550 thousand with loss per share valued at 3.6 fils per share compared to a loss of KD 501 thousand incurred during the same period of 2009.
Particulars June 30, June 30,
(6 months ending) 2010 2009
Profit (Loss) (KD) (1,038,859) (633,758)
EPS (LPS) (fils) (6.7) (4.1)
Total current assets 19,730,602 22,332,625
Total assets 28,036,681 31,896,625
Total current
liabilities 10,778,485 10,642,680
Total liabilities 10,820,343 10,674,563
Total equity 17,216,338 21,222,062
The net profit includes total expenditure amounting to KD 2,939 and total income from transactions worth KD 123,283.

Inovest Company (Inovest) reported that the Board of Directors met on Aug 4, 2010 and approved financial statements for the six months period ending June 30, 2010, as follows:
For the three months ending June 30, 2010, Inovest sustained a loss of $4.2 million equivalent to KD 1.2 million compared to a profit of $4.5 million or KD 1.3 million for the same period of 2009.
Particulars June 30, June 30,
(6 months ending) 2010 2009
Profit (USD) (9,271,535) 15,407,464
EPS (cent) (3.26) 5.52
Profit (KD) (2,688,745) 4,468,165
EPS (fils) (9.45) 16.01
Total current assets
(USD) 108,596,571 189,046,349
Total current assets
(KD) 31,493,006 54,823,441
Total assets (USD) 393,480,626 477,871,255
Total assets (KD) 114,109,381 138,582,664
Total current
liabilities (USD) 69,247,404 163,959,718
Total current
liabilities (KD) 20,081,747 47,548,318
Total liabilities
(USD) 164,139,714 236,716,853
Total liabilities (KD) 47,600,517 68,647,887
Total shareholders’
equity (USD) 229,340,911 241,154,402
Total shareholders’
equity (KD) 66,508,864 69,934,776
The net profit includes total income worth KD 951,679.

The Arab Petroleum Investments Corporation (Apicorp) announced Sunday net profits of $47 million for the first six months of 2010.
This is a 95 percent increase compared to the corresponding period last year.
Ahmad Bin Hamad Al-Nuaimi, chief executive and general manager of Apicorp, said: “The surge in net income reflects the sound financial fundamentals the organization maintained despite the current economic environment that has adversely affected credit and capital flows.” “The excellent results for the first half of this year gives us a stable foundation for implementing Apicorp’s next phase in its business plan to diversify its investments in new sectors within the oil and gas industry,” he said.
At the end of June, Apicorp’s total income jumped to $52 million, a 75 percent increase over the same period last year.
The corporation’s assets surged up to $4.3 billion from $4.1 billion in late December, while its shareholders’ equities went up to $1.6 billion from $1.2 billion in late 2009.
Apicorp has an authorized capital of $1.2 billion and a fully paid-up and subscribed capital of $550 million.
Apicorp is a multilateral bank owned by the 10-member states of the Organization of Arab Petroleum Exporting Countries (OAPEC). (KUNA)