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Friday 17 September 2021
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KD 26.2 bln deposits to go to stocks

 Kuwaiti bank deposits spiraled by two percent to KD 26.2 billion in late 2009, a large part of which is likely to go to the stock market sooner or later, a company chief said .
Should only KD 1.6 billion go to the stock market, then it will be so enough to totally reverse the current situation, Kuwaiti Muthanna Investment Company Director General Abdelaziz Al-Marzouq addressed a just-started forum of listed companies and analysts.

Bank shareholders’ equities have surged up by 12 percent, while listed companies’ debts have totaled KD 22.6 billion compared to KD 33 billion’s worth of the market value of listed businesses, he said.

Considering the book value of listed shares, the situation becomes more balanced as the market value hit 1.5 percent in the first quarter of this year compared to 1.3 percent in 2009, he told the event, organized by Muthanna Investment Company.

He regarded the food sector as the best thanks to its financial sufficiency and monetary flow, while the investment sector came last in the list of sectors due to surging indebtedness versus shareholders’ equities.

The real estate came second by 68 percent, chased by industry by 49.5 percent, Al-Marzouk added.

For his part, Ras Al Khaimah Company For White Cement Construction Materials Company Director General Fahim Al Abdullah said his company’s net operating profits are expected to hit 121 million dirhams, and targeted revenues to go up to 187 million dirhams by 2012.

He predicted his company to post roughly 86 million dirhams in net profits this year, leading up to the targeted figure of 153 million by 2013.

Also speaking at the same event, Al-Mabani Company Director General Khalid Bin Salam said his company is keen on diversifying its activities through investment in other companies.
He pointed to available medium and long-term investment projects and opportunities in Kuwait and the Middle East region.

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