|Al-Soor Financing and Leasing Company|
Investor update Dec 2008
|Listing: Unlisted||Year Established: July 2005|
|Corporate Office: Kuwait||Legal Structure: KSC Closed|
|Industry: Financing and Leasing||Share Capital: KD 50 million|
|Download PDF - Last updated on 15th April 2010|| |
- Al-Soor Financing and Leasing Company KSCC ("Al-Soor") is a closed Kuwaiti shareholding company registered with the Ministry of Commerce and established under the regulatory guidance set by the Central Bank of Kuwait.
- Al-Soor was established with a paid up capital of KD30mn (300 million shares). However, post the acquisition of Al-Mulla’s financing arm the paid up capital has been increased to KD50mn.
- Al-Soor operates in the financing industry offering a range of services in consumer finance, trade finance, and supplementary home improvement finance.
Global (Clients and associates)
|Financial Performance (in USD '000)|
Source: Company Management accounts
12 months ending March 09
9 Months ending Dec 08
9 Months ending Dec 09
Total Shareholder's Equity
- Al-Soor’s revenues dropped 19% for the 9 months ending December 09 from the corresponding period last year, primarily due to stricter lending policies at the company. Al Soor’s profit for the same period was 36% lower than September ’08 due higher financing costs and primarily due to the conservative increase in provisions for doubtful debts.
- For the full year ending March 09, Al Soor’s revenues grew by 4.5% compared to the previous year. The growth in revenues was mainly driven by finance income from retail customers.
- Total assets as of December 2009 stood at USD 377 mn, out of which net loan receivables were USD 289mn, around 77% of the total assets.
- The firm plans to continue to grow its client base and further develop its commercial segment. However, considering the current market scenario, the company is more cautious towards any aggressive lending.