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FINANCIAL NEWS
Kuwait- Aref Energy eyes 8% profit increase
27 Aug 2011
(MENAFN) Aref Energy, part of Kuwaiti investment company Aref Investment Group, Holding’s CEO, Tareq al-Wazzan, said that the company expects net returns to be no less than 8 percent of the estimated total exit value, which is USD138.9 million, during the current year, reported Bloomberg.
The CEO said that if the company successfully exits one of its matured projects, gains would be added to the fourth-quarter results. He mentioned that the company posted net income of about USD39.5 million last year
Al-Wazzan also said that Aref Energy signed a deal in March to acquire a 51 percent stake in Dubai’s Al Meshari Heavy Equipment Trading for USD3.5 million. It also holds a 25 percent stake in Synfuels International, which operates in Iraq and Turkmenistan.
Al-Wazzan added that the Kuwait-based company also owns a 10 percent stake in Makamin Saudi Company for Oil and Gas Services, as well as operations in Sudan and India. Moreover, the company is seeking for an acquisition opportunity in the Middle East and North Africa region.
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