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Kuwait Energy posts $64mn net profit in Q1 Gulf Cable earns KD 6.8m

KUWAIT CITY, May 18, (Agencies): Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, has posted $64 million in profits for the first quarter of 2014. In a press release issued Sunday, the company stated that its revenues have climbed by 17.4 percent in Q1, 2014 compared with the corresponding period of 2013. “We are pleased with ending the first quarter of the year with good performances,” commented Chief Executive Officer of Kuwait Energy Sara Akbar. “This only makes us look forward to increased operational success in 2014 as we move forward with our strategy, which is to focus on our core operations in the MENA region.” The company also unveiled that the average daily working interest production increased 10.6 percent to 23,759 barrels of oil equivalent per day (boepd) compared to the corresponding period of last year.

As to comparisons to the previous quarter, revenue and production are lower by 7.6 percent and 1.0 percent respectively, it added. By the end of Q1 2014, the outstanding receivables were $134 million as a result of collecting $33 million during the first quarter 2014. The statement noted that the main development activities during Q1 2014 included the drilling of 17 development wells (10 in Oman and 7 in Egypt). $39.0 million in development expenditure was mainly spent on the acquisition and processing of 3D seismic data and demining on Siba, Iraq. Exploration expenditure during Q1 2014 was $8.7 million primarily spent on exploration drilling in Egypt and Iraq.

On the strategic front, Kuwait Energy continues with its strategy of focusing on the MENA region, where it has established strong presence and operational track record. To this effect, the Company said that it is undergoing a rigorous process of rationalizing its portfolio in Eurasia and Pakistan with the intention to exit and focus its activities in the MENA region. Kuwait Energy is also looking into farming out some of the single asset exposure to achieve better risk profile and optimize its capital expenditure program. To rebalance country exposure, the Company is currently actively pursuing strategic partners for its existing assets via a farm-out process in countries such as Iraq.

The Kuwait Stock Exchange Company announces that the Board of Directors of Gulf Cable and Electrical Industries met on Thursday, 15/5/2014, and has approved the interim financial statements of the Company for the period ended 31/3/2014 as follows:
Particulars for 3 months ended March 31, 2014 and 3 months ended March 31, 2013.
Profit (KD)    6,801,319    2,351,518
EPS (KF)    32    11
Total current assets    78,329,936    79,735,365
Total assets    221,873,641    238,214,233
Total current liabilities    50,430,353    53,105,099
Total liabilities    66,339,064    81,696,390
Total shareholders’ equity    155,021,894    56,016,877
The total revenue from transactions with related parties is KD 1,163,753.
The total expenses from transactions with related parties is KD 837.

The Kuwait Stock Exchange Company announces that the Board of Directors of Specialties Group Holding Company met on Thursday, 15/5/2014, and has approved the interim financial statements of the Company for the period ended 31/3/2014 as follows:
Particulars for 3 months ended March 31, 2014 and 3 months ended March 31, 2013.
Profit (KD)    386,100    165,096
EPS (KF)     2.71    1.18
Total current assets    27,160,508    28,143,982
Total assets    42,652,542    43,809,620
Total current liabilities    5,461,770    5,810,379
Total liabilities    5,932,670    6,272,099
Total shareholders’ equity    35,955,827    36,997,123
The total revenue from transactions with related parties is KD 0.000.
The total expenses from transactions with related parties is KD 19,586.

The Kuwait Stock Exchange Company announces that the Board of Directors of Al-Safat Energy Holding Co (SENERGY) met on Thursday, 15/5/2014 , and has approved the interim financial statements of the Company for the period ended 31/3/2014 as follows:
Particulars for 3 months ended March 31, 2014 and 3 months ended March 31, 2013.
Profit (KD)    22,889    334,964
EPS (KF)    0.038    0.556
Total current assets    15,028,728    16,591,475
Total assets    55,452,806    66,248,548
Total current liabilities    5,327,571    7,635,976
Total liabilities    5,890,946    8,135,320
Total shareholders’ equity    41,098,095    49,787,954
The total revenue from transactions with related parties is KD 0.000.
The total expenses from transactions with related parties is KD 24,779.

The Kuwait Stock Exchange Company announces that the Board of Directors of Gulf Franchising Holding Co met on Thursday, 15/5/2014 , and has approved the interim financial statements of the Company for the period ended 31/3/2014 as follows:
Particulars for 3 months ended March 31, 2014 and 3 months ended March 31, 2013.
Profit (KD)    18,131    36,282
EPS (KF)    0.56    1.12
Total current assets    2,963,655    2,999,050
Total Assets    4,952,98    25,287,514
Total current liabilities    1,639,043    1,723,265
Total liabilities    2,021,635    2,293,461
Total shareholders’ equity     2,931,347    2,994,053
The total revenue from transactions with related parties is KD 0.000.
The total expenses from transactions with related parties is KD 36,330.

The Kuwait Stock Exchange Company announces the Kuwait Stock Exchange that the Board of Directors of the Kuwait Packing Materials Manufacturing Co met on Thursday, 15/5/2014 , and has approved the interim financial statements of the Company for the period ended 31/3/2014 as follows:
Particulars for 3 months ended March 31, 2014 and 3 months ended March 31, 2013.
Profit (KD)    388,912    571,393
EPS (KF)    9.20    13.52
Total current assets    9,207,887    6,976,097
Total assets    16,722,905     14,242,509
Total current liabilities    1,957,378    740,658
Total liabilities    2,756,372        943,459
Total shareholders’ equity    13,966,533    13,299,050
The total revenue from transactions with related parties is KD 0.000.
The total expenses from transactions with related parties is KD 38,393.

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