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K-PAK registers KD405,910 Q2 profits

Kuwait: Thursday, August 13 - 2009 @ 10:02

As for the H1 financial results, K-PAK Group reported a profit of KD808,265 with an earning of 19.12 fils per share as compared to 2008 results of KD827,988 with an earning of 19.59 per share.

With a client base in the Gulf, Middle East, Europe and other parts of the world, K-PAK Group is a leading manufacturer of ‘foam’ and clear plastic boxes and trays in the Middle East, supplying quality and innovative packaging solutions for the food industry, retail, catering, supermarkets, hypermarkets and fast food service industries for the last 23 years.

A publicly traded company on the Kuwait Stock Exchange, K-PAK Group attributed its good performance to sound investments in its operations over the past year that increased it production capacity, enabling us to take advantage of new market opportunities, especially in the last quarter.

K-PAK Group Chairman and Managing Director Mr. Abdulaziz al Serri, said:

“We’ve grown over the past year from being an engineering-led business to a market-led business while not only mastering our core competencies but also leading the market through innovative products to help our clients serve their customers. This has refocused our company and empowered us to perform in a challenging market environment as shown by our results.”

Al Serri added, “Neither K-PAK Group nor our industry as a whole were immune to the global financial crisis. We were exposed to the crisis earlier than many of our primary markets in the Gulf and the region due to our European distribution links. We saw this as an opportunity to prepare ourselves for the challenges that the crisis would bring in order for us to maintain the profitability of our business. This quarter’s results prove that we are on the right track.”

K-PAK Group, which manufactures and sells disposable plastic food packaging products that are both 100% recyclable and 100% ozone friendly by being CFC free, runs manufacturing plants in Kuwait, Damam-KSA, Jeddah-KSA, and Ras al Khaimah-UAE. Some of K-PAK’s long-terms customers include McDonald’s, Al-Watania Poultry, Panda Centers in KSA, Sultan Center, Carrefour and many caterers providing services to Defense, Health and Education ministries in the region.

K-PAK group GM Ms. Marwa Al Serri said, “Over the past 15 years K-PAK has grown from supplying the local market to supplying regional and international clients across the world. Since 1996, we’ve been supplying to clients in the Middle East, Europe and other parts of the world.”

“Our application of strict quality assurance and constant commitment to product innovation have enabled us to manufacture and distribute world-class products that exceed international standards of quality, hygiene, and social accountability. We have voluntarily applied EU regulation and strictly adhere to all the health derivatives specified locally and by the EU. We invest in our technology and people and continuously exceed specifications set by our multi-national and locally,” Ms. Al Serri, added.

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Thursday, August 13- 2009 @ 10:02 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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