Shuaiba Industrial Co’s net profits reach KD 1,341,388

KUWAIT: Deputy Chairman of the Board and Chief Executive Officer of Shuaiba Industrial Co Bader Al-Qattan said the company’s annual financial results reflected the strength of its financial status, its quality investments and efficiency of its operation, adding the company is committed to going ahead with achieving its goals through studied and steady steps that aim at maximizing shareholder equity.

Al-Qattan, who spoke following the general assembly that was held on Wednesday, said 2021 was an extension of the correct approach the company is taking and efforts of the board of directors and the executive administration. He said shareholders approved the distribution of cash dividends of 12 fils per share.

He said the company registered a distinguished performance through the achievement of best total sales of KD 12,290,351 for the previous year, a growth percentage of 4.49 percent from the previous year. He said the total operational profit for the current period is KD 2,685,225, compared to KD 2,379,139, which is 12.87 percent from last year in the presence of fierce competition inside and outside Kuwait, and the gradual rise in paper prices on the international level.

Al-Qattan said net total profits for the fiscal year ending Dec 31, 2021 reached KD 1,341,388 compared to the same period in the previous year of KD 1,024,917, which is a 30.88 percent growth from 2020. He said despite the regression in the operational environment and the general economic weakness that prevailed last year regionally and internationally in the form of political and social turbulence in the region and the worsening international financial crisis, and commenting on the financial results for 2021, Industrial Shuaiba exerted efforts to maintain its achievements despite the repercussions of the coronavirus pandemic, its effects and precautionary measures governments worldwide imposed.

The book value reached 187 fils per share in 2021 compared to 184 fils for the previous year, while total assets reached KD 23,309,101 compared to the previous year of KD 22,404,351, a 4.04 percent growth from the previous year. Shareholders’ equity reached KD 18,527,523 compared to the same period of last year of KD 18,228,218, a growth of 1.64 percent from the previous year.

Al-Qattan said the company produced and manufactured 23,760 tons this year, as exports still represent around 63 percent of total company sales during 2021. This is a matter the company is keen to strengthen through maintaining its share in various international markets despite fierce competition.

He said the administration worked during 2021 on marketing its products through small bag production lines (mainly for the food sector) in Kuwait and GCC, adding to the initiative to enter international markets to compete. He said the entry in those markets requires us to improve production quality and maintain the competition level to be able to gain satisfactory shares in such markets.

The general assembly approved the board of director’s recommendation to distribute profit dividends to shareholders whose names are in the company’s register at the end of May 24, 2022, which will be distributed to those who are entitled to them on May 31, 2022.

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