Kuwaiti glass products maker Gulf Glass Manufacturing Company expects its recently installed second glass melting furnace to boost its net profit for 2005, it was reported on 12 April 2005.
The new f…
Kuwaiti glass products maker Gulf Glass Manufacturing Company expects its recently installed second glass melting furnace to boost its net profit for 2005, it was reported on 12 April 2005. The new furnace will increase daily output from 180 tonnes to 300 tonnes of glass, said vice-chairman and managing director Abdullatif Moosa al-Abdulrazak, adding that the higher production will boost the company“s revenue and profit. The new furnace and the addition of two new production lines for green bottles will enable the company to meet client requirements, al-Abdulrazak said. The statements were made following the company“s general shareholder meeting on 11 April 2005. The company“s products have entered the markets of Lebanon, Jordan and the Gulf countries and Gulf Glass Manufacturing plans to go into the European markets, al-Abdulrazak said. The company exports 60% of its production and exports are expected to increase to reach 70% of the total production. Gulf Glass Manufacturing, listed on the Kuwait Stock Exchange (KSE), reported an operating profit of KWD 884,743 (USD 3.03 million/EUR 2.3 million) in 2004, up 20.1% year-on-year. The company“s net profit rose to KWD 1.0 million (USD 3.4 million/EUR 2.6 million) in 2004 from KWD 736,360 (USD 2.5 million/EUR 1.9 million) in the previous year. During the meeting, shareholders approved board proposals for a cash dividend of KWD 0.022 (USD 0.075/EUR 0.058) per share for 2004 and 6.0% bonus issue.