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Article: ACICO 2008 net profit plummets to USD 22.3m.(Financial report)
- Article from:
- ADP News Middle East & Africa
- Article date:
- March 31, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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(ADP News) - Mar 31, 2009 - Kuwaiti building materials manufacturer ACICO Industries Co (KUW:ACICO), formerly Aerated Concrete Industries Co, posted a net profit of KWD 6.5 million (USD 22.3m/EUR 16.8m) for 2008, down from KWD 22.1 million a year earlier, the company said yesterday in a statement to the Kuwait Stock Exchange (KSE).
The reasons for the sharp decrease were not disclosed.
The earnings per share (EPS) stood at 32.15 fils in 2008, versus 109.11 fils in 2007. The company's total assets rose to KWD 202.8 million at end-December 2008 from KWD 187.4 million a year ago.
The board of directors has recommended to shareholders a 5% cash ...
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