Gulf Glass Manufacturing boosts 2008 net profit

Kuwaiti glassware maker Gulf Glass Manufacturing Co. registered an increase in net profit to KWD 1.89 million (USD 6.7 million / EUR 5.2 million) in 2008 from KWD 1.12 million a year earlier, the comp…

Kuwaiti glassware maker Gulf Glass Manufacturing Co. registered an increase in net profit to KWD 1.89 million (USD 6.7 million / EUR 5.2 million) in 2008 from KWD 1.12 million a year earlier, the company said in a filing to the Kuwait Stock Exchange. Earnings per share (EPS) were KWD 0.049 in 2008, versus KWD 0.029 in 2007. The company“s total assets rose to KWD 15.2 million at end-December 2008 from KWD 14.4 million a year earlier. The board of directors has recommended to shareholders a 20% cash dividend for 2008, equal to KWD 0.02 per share. Gulf Glass, established in 1981, is engaged in the manufacture, import, export and distribution of glass bottles and other household glassware. The company“s plant, located in Mina Abdullah Industrial Area, consists of two melting furnace and five production lines with an annual production capacity of 114,000 metric tons. Gulf Glass, in addition to selling its products on the domestic market, exports to the Gulf Cooperation Council (GCC) and other Middle East countries.