Rasameel’s Board of Directors announces year 2008 financial results



Rasameel Structured Finance Company, a leading Kuwaiti based Islamic structured finance firm, held its second Annual General Meeting yesterday and presented the Annual Report along with the Auditor’s report, the Annual Financial Statements for financial year ending March 31, 2008 and the Sharia Supervisory Board’s Report.

Rasameel's Board of Directors announces year 2008 financial results.
Rasameel’s Board of Directors announces year 2008 financial results.
For the twelve month period ended on March 31st 2008, Rasameel reported a net profit of KD2,167m (Two Millions and One Hundred Sixty Seven Thousand Kuwaiti Dinars) against KD1,210m (One Million and Two Hundred and Ten Thousand Kuwaiti Dinars) in year 2007 with an increase of 79.1% while earning per share rose to 7.2 fils in 2008 from 4 fils in 2007.

Total assets rose to KD47,378m (Forty Seven Million and Three Hundred Seventy Eight Thousand Kuwaiti Dinars) as of 31st March 2008 from KD31,535m (Thirty One Million and Five Hundred Thirty Five Thousand Kuwaiti Dinars) in 2007 with an increase of 50%, while total liabilities for year 2008 amounted KD13,994m (Thirteen Million and Nine Hundred Ninety Four Thousand Kuwait Dinars) compared to KD318m (Three Hundred Eighteen Thousand Kuwaiti Dinars) in year 2007. Total shareholders equity in 2008 also climbed to KD33,384m (Thirty Three Million and Three Hundred Eighty Four Thousand Kuwait Dinars) in year 2008 from KD31,218m (Thirty One Million and Two Hundred Eighteen Thousand Kuwaiti Dinars) in year 2007 with an increase of 7%. The AGM decided not to distribute dividends for this year.

Mansour H. Al Mubarak, Chairman of Rasameel, commented:

‘The Gulf, since 1991, is showing the biggest growth in the world. Huge global companies are in a planning mode to set start or expand their business in Kuwait and its neighbours. Bearing in mind this trend, we are reinforcing our commitment to grow geographically. And in line with our strong drive towards regional expansion, the Company is in the process of initiating subsidiaries and associates in Saudi Arabia, UAE, and Bahrain.’

Issam Z. Al-Tawari, Vice Chairman and CEO, added:

‘We have developed exponentially in one year; we have made effective commitments, bagged crucial enterprises and sealed some high-profile partnerships. The range of services that we have to offer is growing each day, innovation is our keyword, its how we stand apart from our competitors. From investment, we have added additional services such as debt arrangement, securitization and advisory roles in strategy and finance. With reference to the recent transactions, Rasameel has been appointed as financial advisor by Aayan Real Estate Company, Dubai Pearl project, and a Leading GCC based financial institution to name a few. Some of the other clients we have worked with for Islamic Finance are: Al-Safat Investment Company, Aayan Leasing and Investment Company, Ithmaar Bank and Mashaer.’


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