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Article: Global values ACICO Industries Company stock at KD 0.484 and recommends "HOLD" on the stock.
- Article from:
- Al Bawaba
- Article date:
- September 13, 2009
CopyrightCopyright 2009 Al Bawaba. Provided by ProQuest LLC. (Hide copyright information)
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Global Investment House Kuwait- ACICO's net income fell by 70.4%
in 2008 to reach KD6.5mn from 2007 levels of KD22.1mn. The drop in
earnings was due to the fall in the financial and real estate
markets, which caused ACICO's non-operating income to drop
significantly. The change in fair value of investment properties,
which fell from KD18.7mn in 2007 to less than one million Kuwaiti
Dinars in 2008, was the major non-operating account that caused such
a decline in the net income.
Total assets grew by 8.2% from KD187.5mn in 2007 to cross the
KD200mn mark. This growth followed a substantial increase in assets
in 2007 and 2006 by 72.0% and 35.7%, respectively.
Overall, return measures and ...