BUSINESS
22
Sunday, November 14, 2010
Total assets reached KD3.6 billion
CBK net profit KD20.5m for nine months to 30/9/2010 expenses down 5% on 2009 and staff expenses down for the period. Chairman Bader Sulaiman Al-Ahmed said that Commercial Bank noted that as the bank implements its well defined strategy to be a leading retail bank in Kuwait and one of the best banks for commercial business, profitable growth is expected. Commercial Bank of Kuwait takes this opportunity to thank the bank’s valued customers for their trust and confidence, the Executive Management team and staff for their hard work and loyalty and shareholders for their continued support and faith. With 53 branches Commercial Bank of Kuwait operates the second largest full service network in Kuwait. For information on Commercial Bank of Kuwait’s products or services please contact 1-888-CBK or visit www.cbk.com.
KUWAIT: Commercial Bank of Kuwait announced a net profit attributable to shareholders of the parent bank for the nine months to 30th September 2010 of KD20.5 million (9M2009: Loss KD1.7 million). Earnings per share attributable to shareholders of the parent bank for the nine month are 16.1 fils (9M2009: loss 1.3 fils). Commercial Bank’s total assets at the end of September 2010 reached KD3.6 billion (31/12/2009: KD3 .6 billion) with shareholders equity of KD464.2 million (31/12/2009: KD439.9 million). Capital adequacy ratio at 30th September 2010 is 19.88% (31/12/2009: 18.22%) which exceeds the minimum 12% required by the Central Bank of Kuwait. The bank continues to have a strong capital base with more than twice the international ratio required by Basel II. The bank continues to demonstrate its cost leadership with operating
Chairman Bader Sulaiman Al-Ahmed
Sultan Bin Saeed Al-Mansoori, UAE Minister of Economy and co-chair of the summit.
Summit on global agenda points to future direction: Al-Mansoori UAE has strong presence at summit: Al-Qamzi
Air Arabia reports Q3 net profit of AED136m • •
Turnover reaches AED 568 million, up 4% Passenger traffic increases 14% to 1.1m
KUWAIT: Air Arabia, the first and largest low-cost carrier (LCC) in the Middle East and North Africa, announced its financial results for the three months ending September 30, 2010, demonstrating sustainable profitability during the third quarter of this year. Air Arabia’s net profit for the three months ending September 30, 2010 was in line with last year’s performance and stood at AED 136 million, a 5.6 per cent decline compared to AED 144 million in the corresponding period in 2009. In the third quarter of this year, Air Arabia posted a turnover of AED 568 million, an increase of 4 per cent compared to AED 548 million in the same period of 2009. The airline served 1,147,066 passengers in the third quarter of 2010, an increase of 14 per cent compared to 1,007,680 passengers in the same period last year. In the three months ending September 30, 2010, Air Arabia’s average seat load factor - or passengers carried as a percentage of available seats stood at an impressive 84 per cent, an increase of 8.5 per cent compared to same period of 2009. “Air Arabia is pleased to announce such positive financial performance despite continued challenging market conditions,” said Sheikh Abdullah Bin Mohammed Al-Thani, Chairman of Air Arabia. “Air Arabia continues to post sustained quarterly profits with a high seat load factor and rising passenger traffic, demonstrating the strength of Air Arabia’s business model and long-term expansion strategy.” “The delivery of the first of our 44 aircraft is a milestone in the history of the region’s largest lowcost carrier, allowing us to further strengthen our operations,” Sheikh Abdullah Al-Thani continued. “As we mark our seventh anniversary, we will continue to provide value-for-money offerings and innovative products that have benefitted over 15 million passengers that we have served.” In the third quarter of 2010, Air Arabia took delivery of the first of 44 A320 aircraft ordered in 2007 and 2008 (34 placed in 2007 and 10 placed in 2008), also
marking the airline’s seventh anniversary. Operations of Air Arabia (Egypt) and Air Arabia (Maroc) have also grown with introducing new destinations and increasing frequencies to existing ones. Air Arabia also expanded service to the Nepali capital, Kathmandu, from the carrier’s primary hub in Sharjah, UAE, offering twice-daily flights to the Himalayan city. As further testimony to its successful business model, Air Arabia has been recognized as the “Best Managed Company in the Middle East Airlines and Aviation,” by participants of Euromoney’s annual survey.
Sheikh Abdullah Bin Mohammed Al-Thani
BNRI-KIS-LGI to jointly manage Korean official institution commodities fund KUWAIT: Barclays Natural Resource Investments (BNRI), a division of Barclays Capital, LG International Corp (LGI) and Korea Investment and Securities Co, Ltd (KIS) yesterday announced that their consortium has been appointed to jointly manage a private equity natural resources focused fund (Global Dynasty Natural Resources Fund - the Fund) on behalf of Korea’s official institutions, Korea National Oil Corporation and Korea Resource Corporation. The Global Dynasty Natural Resources Fund will aim to achieve attractive returns through investments in upstream mining and oil & gas assets around the world. First close of the Fund was KRW 154bn (approx. $139m) with a selected group of Korean investors including major Korean government entities. Meb Somani, who is leading BNRI’s initiative and a member of the Fund’s Investment Committee, said: “We are delighted to be working with strong partners KIS and LGI who bring local financial and operational expertise to complement our sector investment experience and global deal sourcing network.” Jang Hee (James) Cho, Vice President of LGI and responsible for LGI’s investment in the Fund as a member of the Working Group Committee, said: Based on the past successes, LGI has been able to become one of the leading companies in Korea in natural resource investments and Barclays and KIS have an outstanding reputation in global deal sourcing and fund operations, respectively. Therefore, by providing a strategic resource-based portfolio and proposing a blueprint, the consortium is confident in satisfying its investors and leading to a successful Fund. Charles CH. Kwon, General Manager of Korea Investment and Securities and responsible for KIS investment in the Fund as a member of the Fund’s Investment Committee, said: “We are confident this Fund, based on the competitive edges of the three partners, can create attractive returns to the Korean government and private investors.” Richard K Kang, Investment Manager of Korea Investment and Securities and responsible for KIS investment in the Fund as a member of the Fund’s Working Group Committee, said: “Our Fund has a strong deal pipeline targeting high-quality assets across the global natural resources and energy market.”
KUWAIT: The Summit on the Global Agenda, to be held for the third time in the UAE from November 28 to December 1, 2010, in cooperation with World Economic Forum (WEF), will be marked by the distinguished participation and noticeable presence of UAE and Arab thought leaders. The participants will present their views and suggestions on various concerns faced by humanity through their participation in the various Council sessions at the Summit. The insights and ideas shared at the Councils will form the basis for action plans to be formulated at the World Economic Forum Annual Meeting in Davos-Klosters next year. Through The Summit on the Global Agenda, the UAE seeks to play a key role in the formulation of outcomes of sessions involving its representatives, and address topics of great relevance to the region. “The presence of prominent UAE thinkers at this strategic event highlights the ability of the UAE to develop suggestions and opinions, along with the world’s leading thinkers, to address key global issues. The UAE delegates will enrich the debate with constructive dialogue and thus contribute to the proposals and solutions for various issues faced by the world,” said Sultan Bin Saeed Al-Mansoori, UAE Minister of Economy and co-chair of the Summit. “The UAE aims to activate the role of its thinkers and specialists along with a group of Arab intellectuals to effectively contribute to addressing crucial regional and global issues. For the UAE, the event is a significant platform to shed light on relevant topics and place them on the agenda of the global debate,” added Al-Mansoori. Al-Mansoori and Sami Dhaen Al-Qamzi, Director General of the Dubai Economic Department, will co-chair the Summit. More than 50 Arab and UAE thought leaders, achievers and experts in the fields of renewable energy, climate change, competitiveness, emerging multinationals, energy security, institutional governance systems, social innovation, media, entertainment and infrastructure, intellectual property systems, and Internet security, will participate in the Summit. Al-Qamzi said: “The UAE’s sustainable growth model focuses on developing the small and medium enterprises sector, which is a key contributor to GDP. Traditional growth sectors like retail, tourism, hospitality, aviation and logistics continue to record robust growth. The participation of UAE representatives from
the key sectors at the Summit will contribute to enriching the regional and international experience and expertise, and set the platform for evolving new criteria to address economic changes following the global financial slowdown.” At the Summit, more than 700 global leaders from academia, business, government and society will engage in interactive workshops to set priorities to improve the state of the world and identify the latest trends, risks and innovative solutions to address the world’s challenges. The outcomes of the Summit will be integrated into the World Economic Forum Annual Meeting 2011 in Davos-Klosters for further discussion and action.
Sami Dhaen Al-Qamzi, Director General of the Dubai Economic Department.
EXCHANGE RATES Commercial Bank of Kuwait US Dollar/KD GB Pound/KD Euro Swiss francs Canadian Dollar Australian DLR Indian rupees Sri Lanka Rupee UAE dirhams Bahraini dinars Jordanian dinar Saudi riyals Omani riyals Philippine peso Egyptian pounds US Dollar/KD GB Pound/KD Euro Swiss francs Canadian dollars Danish Kroner Swedish Kroner Australian dlr Hong Kong dlr Singapore dlr Japanese yen Indian Rs/KD Sri Lanka rupee Pakistan rupee Bangladesh taka UAE dirhams Bahraini dinars Jordanian dinar Saudi Riyal/KD Omani riyals Philippine Peso
.2785300 .4456480 .3847340 .2868040 .2776690 .2803830 .0062940 .0025040 .07583530 .7390040 .3939610 .0743040 .7240190 .0064770 .0488650 CUSTOMER TRANSFER RATES .2800000 .4480000 .3867640 .2883180 .2791350 .0518850 .0415340 .2818620 .0361210 .2175600 .0034290 .0063280 .0025170 .0032940 .0040000 .0762530 .7429030 .3960400 .0746970 .7278400 .0065120
Al-Muzaini Exchange Co. Japanese Yen Indian Rupees Pakistani Rupees Srilankan Rupees Nepali Rupees
ASIAN COUNTRIES 3.501 6.334 3.270 2.508 3.968
.2839000 .4542400 .3921510 .2923330 .2830220 .2857880 .0064160 .0025520 .0773150 .7532500 .4015560 .0757370 .7379770 .0066020 .0498070 .2821000 .4513600 .3896650 .2904800 .2812280 .0522750 .0418450 .2839760 .0363920 .2191920 .0034550 .0063750 .0025360 .0033190 .0040300 .0768250 .7484740 .3990100 .0752570 .7332990 .0065600
Singapore Dollar Hongkong Dollar Bangladesh Taka Philippine Peso Thai Baht Irani Riyal - Transfer Irani Riyal - Cash
218.810 36.220 3.975 6.622 9.458 0.267 0.310 GCC COUNTRIES Saudi Riyal 74.865 Qatari Riyal 77.139 Omani Riyal 729.380 Bahraini Dinar 745.660 UAE Dirham 76.451 ARAB COUNTRIES Egyptian Pound - Cash 51.550 Egyptian Pound - Transfer 48.948 Yemen Riyal 1.317 Tunisian Dinar 204.170 Jordanian Dinar 396.450 Lebanese Lira 187.700 Syrian Lier 6.140 Morocco Dirham 35.749 EUROPEAN & AMERICAN COUNTRIES US Dollar Transfer 280.630 Euro 401.020 Sterling Pound 455.460 Canadian dollar 280.350 Turkish lire 200.450 Swiss Franc 292.020 Australian dollar 282.170 US Dollar Buying 279.895 GOLD 20 Gram 259.000 10 Gram 131.000 5 Gram 67.500
Euro Cash Hongkong dollar Indian rupees Indonesia Iranian tuman Iraqi dinar Japanese yen Jordanian dinar Lebanese pound Malaysian ringgit Morocco dirham Nepalese Rupees New Zealand dollar Nigeria Norwegian krone Omani Riyal Pakistani rupees Philippine peso Qatari riyal Saudi riyal Singapore dollar South Africa Sri Lankan rupees Sterling pound Swedish krona Swiss franc Syrian pound Thai bhat Tunisian dollar UAE dirham U.S. dollars Yemeni Riyal 10 Tola Sterling Pound US Dollar
SELL CASH 281.200 747.430 4.250 282.300 552.000 14.100 52.400 167.800 51.800
388.000 36.790 6.290 0.032
397.250 0.189 93.520 3.970 220.400 729.860 3.305 6.420 77.310 75.040 218.270 42.980 2.515 456.500 289.500 6.300 9.640 76.590 281.000
GOLD 1,440.980 TRAVELLER’S CHEQUE 458.500 281.000
Dollarco Exchange Co. Ltd
Bahrain Exchange Company COUNTRY Australian dollar Bahraini dinar Bangladeshi taka Canadian dollar Cyprus pound Czek koruna Danish krone Deutsche Mark Egyptian pound
389.500 36.940 6.590 0.033 0.263 0.251 3.510 399.130 0.190 93.520 46.600 4.400 221.900 1.911 48.300 730.040 3.400 6.680 77.740 75.040 218.270 42.980 2.677 458.500 41.900 291.000 6.300 9.840 198.263 76.690 281.400 1.360
SELL DRAFT 279.700 747.430 3.990 280.800
218.300 48.952
Rate for Transfer US Dollar Canadian Dollar Sterling Pound Euro Swiss Frank Cyprus Pound Bahrain Dinar UAE Dirhams Qatari Riyals Saudi Riyals Jordanian Dinar Egyptian Pound Indian Rupees
Selling Rate 281.150 283.848 451.638 389.324 289.732 689.086 744.139 76.524 77.204 74.942 396.724 49.149 6.345
Pakistani Rupees Sri Lankan Rupees Bangladesh Taka Philippines Pesso Japanese Yen Thai Bhat Syrian Pound Nepalese Rupees
3.296 2.518 3.988 6.477 3.433 9.497 6.133 3.958
Kuwait Bahrain Intl Exchange Co. Currency US Dollar Pak Rupees Indian Rupees Sri Lankan Rupees Bangladesh Taka Philippines Peso UAE Dirhams Saudi Riyals Bahraini Dinars Egyptian Pounds Pound Sterling Indonesian Rupiah Nepali rupee Yemeni Riyal Jordanian Dinars Syrian Pounds Euro Candaian Dollars
Rate per 1000 (Tran) 280.900 3.305 6.340 2.525 3.990 6.530 76.565 75.115 746.800 49.145 458.500 0.00003280 4.025 1.550 399.000 5.750 395.000 285.400
Al Mulla Exchange Currency Transfer Rate (Per 1000) US Dollar 280.750 Euro 386.900 Pound Sterling 455.250 Canadian Dollar 280.000 Japanese Yen 3.430 Indian Rupee 6.299 Egyptian Pound 48.925 Sri Lankan Rupee 2.512 Bangladesh Taka 3.980 Philippines Peso 6.385 Pakistan Rupee 3.293 Bahraini Dinar 745.610 UAE Dirham 76.520 Saudi Riyal 74.980 *Rates are subject to change