Walid Al-Saqr, Chairman of the Board of Directors of Future Holding Company, stated that the company is actively pursuing its strategy to enhance shareholder value and grow its investments. This is achieved through the careful selection of opportunities with low risks and attractive returns.
During the Annual General Meeting held with a quorum of 81.47%, Al-Saqr affirmed that the Board of Directors maintains a conservative approach in all company transactions to prevent any performance gaps. He further explained that, in line with the company's investment strategy, they exited the market and liquidated the portfolio, resulting in a remarkable 13% return in just 6 months. This achievement is particularly significant considering the challenges posed by global economies and financial markets.
He further mentioned that following a thorough study and assessment, the company successfully seized an opportunity in the market, acquiring a 24% stake in KFIC Investment Company. This acquisition has positioned KFIC Investment Company as an associate of the company, and there are plans to enhance its development to contribute positively to our strategic investments. Notably, KFIC Investment Company is recognized as one of the oldest and most successful companies, serving as both an investment and brokerage firm.
With this new investment, the company's total investments have increased by KD 5 million compared to the previous year.
He reported that the company's total income in 2023 reached approximately KD 3.15 million, showing a significant increase from KD 1.5 million, equating to a growth of KD 1.59 million or 102%. However, the net profits for the year ending December 31, 2023, stood at about KD 623.36 thousand, a decrease from KD 1.08 million, indicating a decline of 463.19 thousand dinars at a rate of 42.5%. Additionally, the net shareholders' equity for the same period amounted to KD 19.41 million, a reduction from KD 20.24 million, representing a decrease in value by 824.48 thousand dinars, or 4%.
The company's CEO and Vice Chairman, Mourid Al-Sultan, disclosed that the company is actively pursuing its expansion strategy by evaluating various opportunities to acquire stakes in companies operating in the medical, educational, and food security sectors in both the local market and Gulf countries. He anticipates a significant advancement resulting from these endeavors.
Furthermore, Al-Sultan noted, "The company has seen an increase in profits and revenues in the current year due to successful acquisitions made within these sectors."
Al-Sultan further mentioned that the company remains committed to its conservative approach of cost reduction, which has already resulted in decreased expenses in the recent period. He highlighted that Future Holding Company plans to inject new investments through a KD 3 million investment portfolio aimed at Gulf stocks, with the proceeds intended to cover the company's expenses.
During the Annual General Assembly of Future Holding Company, all agenda items were approved. Among the key decisions was the distribution of cash dividends to shareholders at a rate of 5 percent based on the previous year's performance, equating to five fils per share totaling KD 850 thousand. Additionally, new board members were elected for a three-year term, including representatives from Al-Azmana Holding Company, Al-Manal Holding Company, United Medical Services, Al-Dow Capital Holding, and Murid Hisham Al-Sultan.