Kuwait Corporate Fact Sheet

Al-Argan International Real Estate Fact Sheet
Real Estate Sector
Reuters Code: ARGK.KW Current Price (KD) : 0.630
Key Facts
KAMCO Research
June 22, 2008
KD '000 2003 2004 2005 2006 2007
Cash & Equivalent -
1,483 11,780 5,784 1,529
A/R & Other Debit Balances 638 5,470 7,213 10,062 10,733
Investments Held for Trading -
111 2,134 1,441 2,063
Available for Sale Investments -
148 48 548 48
Investments in Associated & Unconsolidated Subs. -
-
890 6,509 17,007
Investments in Real Estate 5,600 23,618 43,673 42,101 53,655
Murabaha Investments -
-
300 500 756
Fixed Assets -
1,181
800
1,818
4,136
Other Assets -
225
295
352
415
Total Assets 6,238 32,236 67,133 69,115 90,342
Due to Banks 100 134 582 53 1,897
A/P & Accruals 1 4,729 9,470 7,058 5,826
Loans 4,000 17,633 14,067 12,205 26,387
Other Liabilities -
143
390
850
1,586
Total Liabilities 4,101 22,639 24,509 20,166 35,696
Minority Interest -
-
-
-
23
Equity 2,138 9,596 42,624 48,949 54,623
Operating Revenues -
533 513 3,330 3,931
Operating Expenses 1 82 583 1,973 4,370
Operating Profit (Loss) (1) 451 (70) 1,357 (438)
Investment Income -
3,926 2,485 4,145 9,668
Other Non-Operating Income(Loss) 140 123 236 113 266
Other Expenses 1 40 24 81 356
Net Profit
Key Ratios
138 4,459 2,628 5,534 9,140
2003 2004 2005 2006 2007
Return On Assets 2.2% 13.8% 3.9% 8.0% 10.1%
Return On Equity 6.4% 46.5% 6.2% 11.3% 16.7%
Investments / Total Assets 0.0% 0.8% 5.0% 13.0% 22.0%
Investments in Real Estate / Total Assets 89.8% 73.3% 65.1% 60.9% 59.4%
Equity / Total Assets 34.3% 29.8% 63.5% 70.8% 60.5%
Historical Share Data* YTD
2004 2005 2006 2007 22-Jun-08
Market Capitalization (KD thousand) N/A N/A N/A 96,725 166,950
Closing Share Price (KD) N/A N/A N/A 0.365 0.630
Highest Price for the Period (KD) N/A N/A N/A 0.400 0.680
Lowest Price for the Period (KD) N/A N/A N/A 0.255 0.355
Volume (Shares thousand) N/A N/A N/A 290,490 148,740
Value (KD thousand) N/A N/A N/A 104,308 78,131
No. of Trades N/A N/A N/A 7,666 4,269
EPS (KD) 0.095 0.017 0.022 0.035 0.035
Book Value Per Share (KD) 0.192 0.170 0.193 0.206 0.206
Dividend Per Share (KD) 0.000 0.000 0.018 0.025 NA
Price to Earnings Multiple (X) #
6.62 37.52 28.51 18.10 18.10
Price to Book Value Multiple (X) #
3.28 3.70 3.27 3.06 3.06
Dividend Yield (%) #
0.00 0.00 2.86 3.97 3.97
KD
0.670
0.610
0.550
0.490
0.430
0.370
0.310
0.250
23.7.07
7.8.07
22.8.07
6.9.07
21.9.07
6.10.07
52-Week Price Chart Rel. to KAMCO TRW Index
ARGAN KAMCO TRW Index
21.10.07
5.11.07
20.11.07
5.12.07
20.12.07
4.1.08
19.1.08
3.2.08
18.2.08
4.3.08
19.3.08
3.4.08
18.4.08
3.5.08
18.5.08
2.6.08
17.6.08
Index
4,800
4,700
4,600
4,500
4,400
4,300
4,200
4,100
4,000
NA: Not Applicable, NM: Not Meaningful
YTD: Beginning of year to date
#
:Historical P/E, P/B & Yield are based on
current price & historical earning per share,
book value per share & dividend per share
*: The Company was listed on the KSE on 23-Jul-07
Investment Research Department
KIPCO Asset Management Co.K.S.C.C
KAMCO
P.O.Box: 28873 Safat 13149 Kuwait
Email : kamco_research@kamconline.com