Kuwait Corporate Fact Sheet

Aref Energy Holding Co. Fact Sheet
Services Sector
KAMCO Research
June 22, 2008
Reuters Code: AREF.KW
Key Facts*
Current Price (KD) : 0.395
KD '000 2003 2004 2005 2006 2007
Cash & Cash Equivalents 312 256 590 126 139
Fixed Investment Deposits 400 400 400 0 0
Total Investments 750 884 1,175 2,898 5,466
Receivables & Other Debit Balances 329 502 405 1,228 266
Fixed Assets 1,584 1,892 7,103 2,371 2,459
Goodwill & Other Intangible Assets 701 655 1,056 249 309
Other Assets 66 260 508 31 36
Total Assets 4,142 4,849 11,237 6,903 8,676
Due to Banks 52 14 101 536 11
Due to Related Parties 631 324 5,723 55 131
Payables & Other Credit Balances 746 621 821 648 2,298
Other Liabilities 28 53 151 375 179
Total Liabilities 1,457 1,012 6,795 1,613 2,620
Equity 2,684 3,837 4,441 5,290 6,056
Net School Fees & Other Operating Revenues 2,864 3,608 5,806 4,109 4,611
Operating Costs 2,165 2,726 3,814 2,510 2,685
Gross Profit 699 882 1,992 1,599 1,927
Operating Expenses 582 733 1,700 993 1,056
Operating Profit 117 149 292 606 871
Investment Income 56 1,111 265 (211) 169
Other Income 19 16 20 509 147
Other Expenses 22 123 42 54 150
Net Profit 170 1,153 535 849 1,038
Key Ratios
2003 2004 2005 2006 2007
Return On Assets 4.1% 23.8% 4.8% 12.3% 12.0%
Return On Equity 6.3% 30.0% 12.1% 16.1% 17.1%
Gross Profit Margin 24.4% 24.4% 34.3% 38.9% 41.8%
Operating Profit Margin 4.1% 4.1% 5.0% 14.7% 18.9%
Net Profit Margin 5.9% 31.9% 9.2% 20.7% 22.5%
Total Liabilities / Total Assets 35.2% 20.9% 60.5% 23.4% 30.2%
Historical Share Data^ YTD
2004 2005 2006 2007 22-Jun-08
Market Capitalization (KD thousand) NA 7,416 8,498 7,138 296,250
Closing Share Price (KD) NA 0.240 0.250 0.200 0.395
Highest Price For the Period (KD) NA 0.310 0.260 0.330 0.415
Lowest Price For the Period (KD) NA 0.210 0.216 0.178 0.180
Volume (Shares thousand) NA 14,760 4,300 29,100 130,230
Value (KD thousand) NA 3,966 1,025 9,213 43,556
No. of Trades NA 744 163 326 5,330
EPS (KD) 0.037 0.016 0.024 0.029 0.029
Book Value Per Share (KD) 0.124 0.144 0.156 0.170 0.170
Dividend Per Share (KD) 0.000 0.000 0.008 0.000 NA
Price to Earnings Multiple (X) #
10.59 25.08 16.60 13.59 13.59
Price to Book Value Multiple (X) #
3.19 2.75 2.54 2.33 2.33
Dividend Yield (%) #
0.00 0.00 2.03 0.00 0.00
KD
0.410
0.385
0.360
0.335
0.310
0.285
0.260
0.235
0.210
0.185
0.160
24.6.07
8.7.07
22.7.07
5.8.07
19.8.07
2.9.07
52-Week Price Chart Rel. to KAMCO TRW Index
AREF KAMCO TRW Index
16.9.07
30.9.07
14.10.07
28.10.07
11.11.07
25.11.07
9.12.07
23.12.07
6.1.08
20.1.08
3.2.08
17.2.08
2.3.08
16.3.08
30.3.08
13.4.08
27.4.08
11.5.08
25.5.08
8.6.08
22.6.08
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
N/A: Not Available. 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's fiscal year ends August
^: The Company was listed on May 23, 2005
Investment Research Department
KIPCO Asset Management Co.K.S.C.C
KAMCO
P.O.Box: 28873 Safat 13149 Kuwait
Email : kamco_research@kamconline.com