Mubasher: National International Holding achieved a leap of 452.6% in revenues during fiscal year 2016, the CEO of National International Mamdouh Sherbini said, noting that FY16 revenues recorded the highest level in 10 years.
The company, which is listed on both Dubai Financial Market (DFM) and Boursa Kuwait, reported KWD 4.2 million worth revenues in FY16 from around KWD 760,000 in FY15, according to a statement issued on Monday.
National International’s total assets amounted to KWD 42.1 million in FY16, 21.3% higher than KWD 34.7 million reported in FY15, the CEO said.
The company succeeded in exiting non-income generating investments worth KWD 13 million, in return for acquiring operating assets; such exit was included in the company’s strategy for the period from FY16 until FY21 which is approved by the board members, Sherbini added.
He said that exiting available investments during the second quarter has generated a net profit of KWD 3 million.
At the stock level, National International closed Monday’s session at 66 fils, trading at Boursa Kuwait.
