Al-Nawadi Holding Company announced its financial results for the financial year ended 31 December 2021. The Board of Directors held its meeting on 21 April 2022 and approved its financial statement. The Company achieved a net profit of KWD 5.9 million, compared to KWD 2.9 million in 2020, and total revenues of KWD 11.4 million, compared to KWD 6.4 million in 2020, up by 76%, an EPS of 23 fils compared to 12 fils in 2020.
The company indicated that the change in profits and financial indicators is due to the gradual economic recovery after the Covid 19 pandemic. The AGM approved the Board of Directors’ recommendation to distribute 15% (15 fils per share) cash dividends to shareholders registered in the company’s records as of the AGM’s date.
Shareholders also approved all the items listed on the AGM’s agenda for the financial year ended 31 December 2021, at a quorum of 83.3%, including the Board of Directors’ report, the auditor’s report, and the financial statements.
"The group's executive management has been developing the company's revenues from core operating businesses and diversifying sources of income in line with its strategy and future growth plans." Chairman and CEO, Nawaf Al-Rifai, said.
Al-Rifai explained that Al-Nawadi Group continues to invest in real estate, sports and healthy lifestyle projects to achieve its customers and shareholders aspirations, through the establishment and completion of a number of real estate projects, in addition to our projects related to launching new large scale health clubs equipped with the latest array of sports equipment as it continues to develop new brands (the Platinum Fit brand for healthy meals, and the Platinum Athletics project for sports equipment and supplies).
He addressed the company's business model, which is based on business integration and making the most of our team’s expertise by providing high-level services, in such a manner that qualifies the company to enhance our leading position in the sectors in which we work, noting that the past period witnessed many challenges, that were addressed through initiatives to find sustainable sources of income, and “despite these challenges, we have proven our ability to overcome various obstacles under unusual economic conditions”.