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Ali Alghanim Sons Automotive Company records net profit of KWD 6 million for first quarter of 2023

14 May 2023

●      Fahad Alghanim: Positive financial results for the first quarter

●      Ali Alghanim Sons Automotive exceeds expectations with 47% growth in net profits compared to the same time last year

●      The company recorded KWD 62.6 Million in total revenues for the period ending 31 March 2023

Kuwait, May 14, 2023: Ai Alghanim Sons Automotive Company K.S.C.P. recorded a net profit of KWD 6 million for the period ending 31 March, 2023, announcing a 47% increase in profits, in comparison to the same period from last year. The company also recorded KWD 62.6 million in total revenues, marking a 58% increase, where the growth ratio of Earnings Per Share witnessed a 48.91% increase, reaching 21.86 fils per share, in comparison to the first quarter in 2022.

Moreover, the company’s total assets came in at KWD 194,811,625, a 28.41% increase from the same time last year, with total equity attributable to Parent Company coming in at KWD 70,694,957.

Commenting on the positive financial results, Ali Alghanim Sons Automotive Chairman, Engineer Fahad Ali Alghanim said: “We take great pride in the positive financial results recorded by Ali Alghanim Sons Automotive Company, for the first quarter of 2023. We continue to exceed the financial forecast initially announced during the listing of the company last year, and this year’s first quarter results are a true testament to the exceptional achievement.”