Following the conclusion of its annual General Assembly, which was held recently, and further to the 34th annual report of the company work and results for the financial year ending December 31st 2013, Commercial Facilities Company (CFC) announced its approval on the board of director’s report and an approval of the balance sheet and company’s profits and losses for the same period.
CFC has achieved a profit of KD12.9m, during the financial year ended in December 31st 2013, and its General Assembly approved the distribution of KD10.3m on its dividends to shareholders at 20% (20 Fils per share for the year 2013).
The CFC market share for consumer loans reached 16%, while the company’s share in the local finance companies market exceeded 65%, which reflects the success of the business model adopted by the company with its several branches located in important areas, as well as its representative offices in all auto showrooms in Kuwait.
Commenting on the General Assembly, Mr. Abdullah Saud Al-Humaidhi, Vice Chairman and Managing Director CFC, said: “The Company continued its successful performance of past years in 2013. Despite a continued challenging financial environment and interest rates on the KD remaining at a historical low, the company was able to accomplish a net profit of KD12.9m. This represents an 18.9% decline compared to last year’s performance which is a result of a decrease in released provisions for doubtful debts amounting to KD2.6m as opposed to KD4.8m due to collection from the Distressed Fund. This is in addition to the low average interest rate of the loan portfolio which decreased revenue to 17 million representing a decrease of 11.9% on previous year.”
“CFC has attracted a large segment of customers, from companies and individuals, through its continuous commitment of launching best solutions and financing initiatives in the local market in 2013 with the aim of providing its customers the flexibility of investing their needs. Three loans were arranged amounting to KD30m during 2013 as well as another KD30m in credit for the coming year 2014. The Board of Directors is confident in the company’s ability to secure further funding in the coming year at the best possible rates reflecting the company’s sound financials and reputation,” Al- Humaidhi continued.
“The Board of Directors would like to take this opportunity to extend its sincere thanks to the company’s clients, all the governmental establishments and the financial and commercial institutions that helped facilitate CFC’s operations. Our thanks to the CFC management and all its employees for their dedication and competence that enabled us to achieve another year of development and success,” concluded Al- Humaidhi.
Established in 1977, CFC is the first financing company in the GCC and has maintained its leading position in the financing sector in Kuwait for more than three decades. CFC has strengthened its market position due to its high level of customer service, quick transaction processing and convenience. Today, the company has five branches in strategic locations, as well as representative offices located in all major car dealerships across Kuwait.
Customers can pay monthly installments; inquire about their account balance and next installment due date through the “CFC” renewed website www.cfc-kw.com or the CFC Smartphone application that can be downloaded from the “App Store” or “Google Play Store”.” Customers can submit applications at CFC’s main office in Sharq, or at any of the company’s branches located in Hawalli, Al Riggae, Fahaheel and Al Jahra, in addition to 21 company representatives spread between the main new and used car dealerships and by visiting the company page on Instagram, Facebook and Twitter as well.
For further information, please contact:
Nadin Al Alami / Mariam Janjelo
Tel: 22901571/ 2/ 3