Warba Bank has secured the approval of the Central Bank of Kuwait to issue bonds under the first tranche, valued at $250 million. According to the bank's statement, this decision is not expected to significantly affect its financial standing.
Meanwhile, Al-Khousousiya Holding Company reported profits of 1.6 million dinars for the previous fiscal year, translating to earnings of 9.03 fils per share. The company's Board of Directors has recommended distributing 2 fils cash and 7% as bonus shares to its shareholders.
At the National Bank of Kuwait, the general assembly recently elected Hamad Al-Bahar as the Chairman of the Board of Directors. Essam Al-Saqr was appointed as Vice Chairman and CEO, as the assembly also approved the election of 11 members for the board's new term, set to last for three years, which consists of 7 non-independent and 4 independent members.
Hayman Suft achieved annual profits for the year 2024 amounting to 39.99 million dinars, equaling 298 fils per share. This is compared to profits of 41.778 million dinars, or 311 fils per share, from the previous year. The Board has recommended distributing 350 fils per share to its stakeholders.
Al-Sinema Company has declared it accrued annual profits of approximately 13.4 million dinars in 2024, with earnings of 144.57 fils per share—26% higher than its results from the prior year. The Board also recommended setting the cash dividend for shareholders at 80 fils per share.
On another note, Aayan Real Estate's subsidiary has entered a preliminary agreement to purchase investment property valued at 5.6 million dinars, which could have significant financial impacts once completed.
Al-Khousousiya’s financial reports show its fourth-quarter profits climbed by 8.14% on the year, culminating at 495.15 thousand dinars for Q4 2024, contrasting with earnings of 457.86 thousand dinars during the same period the year before. Yet, for the entire year, profits fell to 1.61 million dinars, down from 2.01 million dinars the prior year, marking a decrease of 19.95%. The company attributed this downturn to increased credit loss provisioning and reduced revenue from investments.
The Board has suggested distributing 2 fils per share, amounting to 356.47 thousand dinars, along with 7% bonus shares worth 1.31 million dinars. Over the first nine months of last year, Al-Khousousiya recorded profits of 1.11 million dinars, showing a decline of 28.2% from the previous year's 1.55 million dinars.
This flurry of financial activity paints a dynamic picture of the banking and investment sector as multiple companies continue to navigate profit fluctuations and shareholder expectations. The engagement of major financial institutions like Warba Bank and the National Bank of Kuwait indicates increasing institutional confidence even amid economic challenges.
Looking forward, shareholders and analysts will need to monitor how these companies execute their recommendations and handle any market uncertainties. Existing shareholders could anticipate the financial benefits of the cash and stock distributions following the approval of these recommendations by the relevant authorities. Meanwhile, prospective investors will be observing the general performance trends within the sector, amid signs of growth and recovery.