Kuwait's Burgan oil company boosts capital by $5 mln

17/08/2009 00:00 AST

Kuwait's Burgan Company for Well Drilling, Trading and Maintenance has agreed to increase its capital by KD 1.46 million (approximately USD five million) up to KD 20.9 million ($73 million) from KD 19.5 million now. The move was taken during the meeting of the company general assembly held on Sunday.

The company posted total revenues worth KD 30.4 million in the fiscal year that elapsed on March 31, 2009, while expenditure hit KD 23.5 million, which means that net profits amounted to KD 6.8 million; share profitability of 37 fils, Mohamed Al-Jazzaf, a member of the company board of directors, said. In spite of the fallout of the global financial crisis on international oil markets, the company managed to achieve good profits last year, he said. Last year, the company drilled and maintained oil and gas wells for the Kuwait Oil Company in northern and western fields, he added. In January and February, the company signed three contracts worth a total of KD 144 million; including two five-year contracts with the Kuwait Oil Company and the third with Al Khafji Joint Operations (KJO) for only one year, he said.

The company is set to distribute cash profits to its shareholders; 7.5 percent of the company's capital, 7.5 fils per share, totaling KD 1.46 million, along with 7.5 percent in bonus; 7.5 percent for 100 shares, totaling KD 1.46 million.

Arab Times