Jiblah Holding Company's CEO, Mahmoud Al-Jaafar declared to "Al Anbaa" that the company completed recently the creation of its fully owned subsidiary, Al Dhow Environment projects, with a capital of K.D 5 Million.

The objective of the newly created company is to execute a series of environmental projects, whether at the local or exterior level, through the establishment of a group of environmental laboratories or a number of plants to treat solid and liquid wastes, as well as conducting environmental studies for the government and Public Authorities for Industries in Kuwait and the Gulf region, said Al-Jafar.

"As a start, "Al-Dhow" will execute a local project that incorporates the establishment of environmental laboratories to treat solid wastes with the participation of strategic partners. The first phase of the project will focus on the creation of two laboratories in the State of Kuwait with an estimated cost of around USD one million for each of them", he added.

As a second step, the company will extend its activities across the Gulf and Arab region and set up environmental laboratories in Egypt and UAE.

According to Al-Jafar, the company's future plans include rehabilitating companies wishing to acquire Environment ISO: 14001 Certificate, stating that the main activity of the company is to contribute to the preservation of the environment in all available means by reducing pollution levels that damage the environment.

Concerning the profits foreseen by the company, Al-Jafar cited that the current financial year ends by the end of March; therefore, the vision of the general profits remains unclear two months before the end of the current financial year. However, the company realized during the first half of the FY around D.K 14 million with 8 Fils per share. 

Al-Jafar predicted that by the end of the financial year, the total profits will range between 11 and 12 Fils per share.

The company, established 4 years ago, distributed 10%, 14% and 9% in the first, second and third years consecutively as an equity grant to widen its activities.

"6 months ago, the company has increased its capital from K.D 2.5 Million to K.D 15.5 Million; although the company is still young, it knows an important expansion driving it to distribute the equity grant instead of the cash grant, trying therefore to benefit from the additional investment opportunities that will shortly result in important yields", he added.   

On another hand, regarding the company's plan to be listed on Kuwait Stock Exchange, knowing that it has already submitted the Application to be Officially listed, Al-Jafar asserted that the company submitted to the Stock Exchange Administration all the required documents since the month of May including the company's profits realized over 3 consecutive years, but the Administration did not give its answer till now, although the whole issue is related to receiving the Letter Approving the Listing once all requirements are satisfied.

Expecting to receive soon such letter, Al-Jafar said that the company may be listed on the Stock Exchange during the second quarter of the current year.

Concerning the company's latest local investments, Al-Jafar announced that the company decided to invest in "Afkar Holding CO" , a company operating in the fields of industrial services and sharing with Jiblah the same objectives, clarifying that this company was launched with K.D 60 Million as a capital, out of which K.D 30 million were paid.

"Jiblah decided to acquire 5% of the capital of the said company; however this share is expected to increase soon to vary between 7% and 10% as a maximum", he asserted.

According to Al-Jafar, 2007 will be the Golden year in the company's history due to the fact that many of the projects previously carried out will start yielding this year in addition to the possibility of the listing the company during the second quarter.

"In the light of these projects, the financial performance of the company is expected to continue realizing a high profit rate that might reach 30%, which means that the profits will increase by three times comparing to the figures realized during the past three years", he stated.