The Board of Directors of Aleid Foods Company recommends distributing 10% cash dividends for the fiscal year ending on 12/31/2023:
Al-Mutairi: Aleid Foods’ performance in 2023 was reflected in the increase in shareholders’ equity by an unprecedented record rate since its founding, amounting to 101.81%.
Kuwait – March 28, 2024:
The Board of Directors of Aleid Foods Company met today, March 28, 2024, and approved the issuance of the financial statements for the fiscal year ending on December 31, 2023, presented by the auditors. The Board of Directors recommended proposing the distribution of cash dividends to shareholders in the amount of 10% of the paid-up capital for the year. For the fiscal year ending 12/31/2023, at a rate of 10 Fils per share.
The company’s net profit amounted to (KD 3,202,752) (Three Million Two Hundred And Two Thousand Seven Hundred And Fifty-Two Kuwaiti Dinars) for the financial year ending on 12/31/2023, compared to a net profit amounted to (KD 2,510,258) (Two Million Five Hundred And Ten Thousand Two Hundred And Fifty-Eight Kuwaiti Dinars) for the fiscal year ending on 12/31/2022, an increase of 27.58%, while achieving a significant increase in shareholders’ equity by 101.81%.
The company’s earnings per share also increased by 23.14% for the fiscal year ending on 12/31/2023, and amounted to 16.60 Fils, compared to 13.48 Fils for the fiscal year ending on 12/31/2022, and the company’s total operating revenues increased by 24.53% at the end of the year 2023, compared to the same period in 2022.
The company’s net profits also increased by 107.40% at the end of the fourth quarter of 2023, earnings per share increased by 59.39%, and total operating revenues increased by 76.33%, reaching 9 million and 204 thousand and 768 Kuwaiti dinars, compared to revenues for the fourth quarter of 2022, which amounted to 5 million and 220 thousand and 138 Kuwaiti dinars.
Aleid Foods Company’s CEO, Eng. Mohammad Al-Mutairi, said 2023 is a unique year marking a whole new milestone by all standards withing Aleid Foods journey, pointing to the company’s remarkable operational performance and its increase by 24.53%, which was characterized by flexibility and the ability to face all challenges, the most important of which was the high rates of inflation in the world, its negative impact on food supply chains, and the rise in prices of basic consumer goods.
Al-Mutairi added, explaining that the year 2023 witnessed remarkable progress in enabling the company’s regional expansion plans through the completion of the acquisition of Al-Ashraf Central Market Company, with the aim of enhancing the expansion of the company’s operational operations in the food services sector, supporting the Goals 25 regional expansion strategy, and accelerating its mechanisms to ensure the achievement of the results of the plans.
Al-Mutairi pointed out that the company’s capital was raised in the fourth quarter of 2023 to a total of 30 Million and 331 Thousand Kuwaiti Dinars, which reflected positively on the increase in the property rights of the company’s shareholders by an unprecedented record rate at the end of 2023, amounting to 101.81%, which is the highest percentage recorded since the company’s founding. In addition to an increase in earnings per share by 23.14%, in addition to an increase in net profits by 27.58%.
Al-Mutairi concluded by referring to the recommendation of the Board of Directors of Aleid Foods to distribute 10% cash dividends to shareholders at the rate of 10 Fils per share from the paid-up capital for the financial year ending on 12/31/2023, which is equivalent to 100% of the net profits according to the company’s new capital, in confirmation of this. Our adherence to the principle of sustainability in profits for shareholders and partners is a translation of our pursuit of continuous growth.
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Aleid Foods Company was established in 1994, with a paid-up capital of 18 Million Kuwaiti Dinars, and was listed on the Kuwait Stock Exchange (Kuwait Boursa) in 2008 under the Consumer Services sector. Today, it is a leading company in importing, marketing, and distributing food products in the State of Kuwait. Aleid Foods Company has diverse operational lines, a group of partner brands, branches and subsidiaries specializing in food, and its network of distribution channels, supported by advanced logistical capabilities, serves more than 1,000 commercial customers and huge operations for direct delivery to the store. Aleid Foods Company believes in the modernizing and digitalizing of business and is keen to keep pace with and adopt the latest digital technology techniques and methods in marketing and distributing food products.
