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Profit increase on an annual basis of 13.7%
KUWAIT CITY, Nov 7: Ali Alghanim Sons Automotive Company K.S.C.P. (Ali Alghanim Sons) announced its exceptional financial results for the nine-month period ended 30 September, 2022, where it exceeded expectations with a recorded KWD 4.83 million in net profits (17.5 fils earnings per share), as opposed to KWD 4.10 million compared to the same period in 2021.
This growth translates into a 17.8% increase on a quarterly basis. On annual basis, the company’s profits increased by 13.7% for the first nine months of the year, with KWD 13.63 million in profits (49.2 fils earnings per share), as opposed to KWD 11.98 million compared to the same period in 2021. Commenting on the financial results, Ali Alghanim Sons Chairman, Eng. Fahad Alghanim, said: “The 17.8% increase in profits for the third quarter of 2022, per quarter, and 13.7% increase on annual basis, is considered an outstanding result for the company. We continue to record exceptional financial results that exceed the outlook we had in place at the time of the company’s listing on the nation’s stock exchange, which stood at a 6.5% expected increase, for the same period.”
Alghanim also highlighted the exceptional growth the company has achieved in the economy cars category, for both Geely and Great Wall Motors, which witnessed a 28% increase on a quarterly basis and a52% increase on an annual basis. Alghanim added: “We have various expansion plans, part of which will materialize by the end of this year, where we will be launching two new showrooms, one for BMW and the other for Geely, both in the Jahra governate, to offer our customers there state-of-the-art sales and aftersales services.
In addition, we will be launching our operations in Egypt by the beginning of December this year, where Global Auto, a company in which Ali Alghanim Sons is a major shareholder, will begin distribution, sales and maintenance operations for each of BMW and Mini. The Egyptian market is a highly promising one that is eager to welcome back these brands once again.” “Prepaid bookings for luxury cars have witnessed a substantial 70% increase, reaching 3,400 cars from approximately 2,000 cars in comparison to the first half of 2022. The booked brands include BMW, Rolls-Royce, Range Rover, Range Rover Sport and Defender, taking into consideration that a prominent share of these pre-booked cars has been delivered within this third quarter. Moreover, we believe car manufacturers are showing a continuous improvement in their ability to cater to our growing needs, in the foreseen future.” Alghanim concluded.