Ali Alghanim Sons Automotive Company K.S.C.C. announced today exceptional financial results where it recorded a KWD 8.8 million in net profit, a 31.72 fills profit per share, for the first half of 2022, compared to a KWD 7.89 million for the same period in 2021, reflecting an 11.6% increase in the company’s net profit.
Commenting on the financial results, Ali Alghanim Sons Automotive Chairman, Eng, Fahad Ali Alghanim, said: “The 11.6% increase in net profits for the first half of 2022 are exceptional results that exceeded our expectations. We are very proud of this achievement, seeing that our predicted growth at the time of the listing was a 6.5% increase. Moreover; and as promised to the investors during the IPO phase, the company will distribute a 3% cash dividend, an equivalent to 23.78 fils, as a return for investors.”
With regard to the economic car category, Alghanim confirmed that the company achieved exceptional growth in this category, as the growth in sales reached 56% for the Geely brand and 82% for the Great Wall Motors brand in the first half of 2022 compared to the same period last year. The company intends to open new showrooms in the Jahra area in the third quarter of this year, to strengthen its geographical presence and increase its market share.
“We are optimistic about reservations for luxury cars, and we currently have more than 2,000 reservations for BMW 7 Series, Range Rover, Range Rover Sport and Defender. We also expect a gradual improvement in the ability of car factories to meet our demands in the coming period. We are keen to increase the company’s market share in Kuwait, while actively looking for new opportunities outside of Kuwait in the automotive sector.”