Kuwait Corporate Fact Sheet

Gulf Finance House Fact Sheet
Non-Kuwaiti Sector
Reuters Code: GFHK.KW Current Price (KD) : 1.120
Key Facts
KD ' 000 2003 2004 2005 2006 2007
Cash & Balances With Banks 6,214 1,266 3,916 4,352 4,212
Murabaha Receivables 42,638 77,901 205,241 227,464 221,273
Available for Sale Investments 21,467 33,841 55,257 103,241 146,317
Investments in Islamic Sokouk 0 3,287 17,921 22,551 0
Trading Properties 1,216 0 2,529 856 0
Other Assets 4,344 8,291 36,268 75,502 242,897
Total Assets 75,879 124,585 321,132 433,966 614,699
Investors' Funds 27,957 10,084 139,510 100,781 40,350
Due to Financial & Non-financial Institutions 14,657 38,357 51,434 98,572 256,217
Other Liabilities 2,208 2,202 16,873 24,505 77,098
Total Liabilities 44,822 50,643 207,817 223,858 373,665
Minority Interest 0 367 0 0 0
Unrestricted Investment Accounts 0 0 10,424 17,036 226
Equity 31,057 73,575 102,890 193,072 240,808
Investment Income 10,135 24,451 52,966 81,638 119,033
Placement, Mgmt. & Arrangement Fees 953 818 7,966 5,880 3,675
Other Operating Income 301 4,062 4,163 12,439 37,830
Total Income 11,389 29,331 65,094 99,957 160,538
Operating Expenses 6,162 9,618 24,102 36,834 63,222
Other Expenses 0 2,993 15 1,945 4,206
Net Profit 5,227 16,720 40,977 61,178 93,109
Key Ratios
2003 2004 2005 2006 2007
Return On Assets 6.9% 13.4% 12.8% 14.1% 15.1%
Return On Equity 16.8% 22.7% 39.8% 31.7% 38.7%
Net Profit Margin 45.9% 57.0% 62.9% 61.2% 58.0%
Investments / Total Assets 29.9% 29.8% 23.6% 29.2% 23.8%
Murabaha Receivables / Total Assets 56.2% 62.5% 63.9% 52.4% 36.0%
Liabilities / Equity 144.3% 68.8% 202.0% 115.9% 155.2%
Historical Share Data* YTD
2004 2005 2006 2007 22-Jun-08
Market Capitalization (KD thousand) 229,046 481,081 438,238 651,602 891,970
Closing Share Price (KD) 0.540 1.060 0.680 0.900 1.120
Highest Price for the Period (KD) 0.560 1.280 1.280 0.910 1.240
Lowest Price for the Period (KD) 0.325 0.520 0.640 0.475 0.900
Volume (Shares thousand) 399,800 421,910 487,588 838,725 450,663
Value (KD thousand) 169,378 365,203 397,328 544,462 485,188
No. of Trades 10,767 21,412 26,331 31,519 15,767
EPS (KD) 0.038 0.090 0.087 0.130 0.130
Book Value Per Share (KD) 0.173 0.227 0.302 0.335 0.335
Dividend Per Share (KD) 0.022 0.046 0.060 0.077 NA
Price to Earnings Multiple (X) #
29.23 12.40 12.94 8.60 8.60
Price to Book Value Multiple (X) #
6.46 4.94 3.70 3.35 3.35
Dividend Yield (%) #
2.00 4.13 5.37 6.86 6.86
KD
1.200
1.100
1.000
0.900
0.800
0.700
0.600
0.500
52-Week Price Chart Rel. to KAMCO TRW Index
GFH KAMCO TRW Index
24.6.07
8.7.07
22.7.07
5.8.07
19.8.07
2.9.07
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
KAMCO Research
June 22, 2008
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 was listed on the KSE on Jan-25-04
Investment Research Department
KIPCO Asset Management Co.K.S.C.C
KAMCO
P.O.Box: 28873 Safat 13149 Kuwait
Email : kamco_research@kamconline.com