News

Declaration for opening of candidacy

Al-Riyada Finance & Investment Closed Company (K.S.C.) announced the opening of candidacy for membership of the Board of Directors as well as the seat of the independent member for the next three-year term who will be elected at the company’s general assembly meeting during the coming period starting from date of publication of this advertisement and for a period of two weeks. The application for candidacy shall be submitted in accordance with the terms and conditions of candidacy referred to in Book Five “Securities Activities and Registered Persons” of the Executive Regulations of Law No. 7 of 2010 and their amendments relating to candidacy for membership of the board of directors of the authorized person, provided that the applicant has the data and requirements set out in Appendix No. as a minimum. (10) of the fifth book of the aforementioned executive regulations, and that it fulfills the conditions and controls that must be met under the law and the company’s articles of association.


Discloser of AGM








Business agenda of AGM








Financial Result 2022

Al Riyada achieved a net profit for the year of KD 2,010,234

Al-Riyada Finance and Investment Company enjoys a strong financial position, as the total assets at the end of the financial year 2022 amounted to KD 111,198,898 (KD 109,236,834 as of 2021) and these assets vary to include real estate investments, Islamic financing debtors, financial assets at fair value through profit or loss, and other assets The total liabilities amounted to KD 81,284,425 (KD 81,332,595 as of 2021), while the total shareholders equity amounted to 29,914,473 KD (KD 27,904,239 as of 2021). During the financial year 2022, the company achieved total revenues of KD 8,556,954 as these revenues varied to include rental revenues of 7,397,467 KD and a number of investment properties were sold during the year 2022, which resulted in profits of KD 611,295 In addition to achieving profits from consulting fees of KD 125,392 and achieving revenues from Islamic financing of KD 64,978 (Murabaha and Ijarah) which resulted in achieving net profits by the end of 2022 amounting to KD 2,010,234



Financial Result 2021

Al Riyada achieved a net profit for the year of KD 4,460,600

The Chairman of the Board of Directors of Al-Riyada Finance and Investment Company, Mr. Mansour Kamel Al-Hashemi, stated that the total assets at the end of the current year amounted to 109,236,834 KD (87,595,970 KD as in 2020), and the total liabilities at the end of the current year amounted to 81,332,595 KD, while the total shareholders’ equity amounted to 27,904,239 KD Thirteen plots were purchased in the Abu Fatira Al Herafiyah area, with a total amount of KD 16,565,246, and an investment property was purchased for KD 6,892,000 in the Al Fnaitees area, and an amount of 4,208,589 KD was paid for development and construction work for all the company’s plots and an investment property in the amount of KD 2,800,000 through a debt settlement agreement with a customer. And investment properties were sold which resulted in a sale profit of 3,486,611 KD, a profit of 36,673 KD from Islamic financing transactions (Murabaha, Ijarah) and a profit of 347,211 KD from consulting contracts.







Declaration for opening of candidacy

Al-Riyada Finance & Investment Closed Company (K.S.C.) announced the opening of candidacy for membership of the Board of Directors as well as the seat of the independent member for the next three-year term who will be elected at the company’s general assembly meeting during the coming period starting from date of publication of this advertisement and for a period of two weeks. The application for candidacy shall be submitted in accordance with the terms and conditions of candidacy referred to in Book Five “Securities Activities and Registered Persons” of the Executive Regulations of Law No. 7 of 2010 and their amendments relating to candidacy for membership of the board of directors of the authorized person, provided that the applicant has the data and requirements set out in Appendix No. as a minimum. (10) of the fifth book of the aforementioned executive regulations, and that it fulfills the conditions and controls that must be met under the law and the company’s articles of association.

Year 2019


Financial Result 2020

Al Riyada achieved a net profit for the year of KD 131,370

The total assets at the end of the year amounted to KD 87,595,970 and the total liabilities at the end of the year amounted to 64,152,331 KD, while the total shareholders’ equity amounted to KD 23,443,639 Achieving a profit of KD 5,000 from consulting contracts, and investment properties were purchased during the year 2020 with a total amount of KD 98,223,891 in exchange for a cash portion and assignment of shares in joint ventures. A number of investment properties were sold for KD 17,167,500, and the profits increased by KD 75,300 compared to the previous financial year ending on 12/31/2019.







Financial Result 2019

Al Riyada achieved a net profit for the year of KD 56,070

Rental revenues for the current year amounted to KD 107,365. Revenues from Islamic financing amounted to KD 132,074, cash dividends amounted to KD 750,472, revenues from consulting contracts amounted to KD 350,000, and the total general and administrative expenses amounted to KD 376,575 and financing costs amounted to KD 58,403. The total assets at the end of the current year amounted to 26,097,794 KD, and the total liabilities at the end of the year amounted to KD 2,417,084. Financing lease contracts were signed with a local bank to purchase real estate investments in the Al-Raqi area for an amount of KD 3,233,800. The group signed a preliminary contract to purchase an investment property with a value of KD 15,650,000.

Year 2019


Financial Result 2018

Al Riyada achieved a net profit for the year of KD 390,893

The main source of revenue for the current year resulted from the revenues of the company’s share in the results of joint ventures for the year KD 396,115 and the revenues from Islamic finance amounted to KD 309,435. The total general and administrative expenses amounted to KD 364,600 The total assets at the end of the year amounted to KD 24,901,513 The total liabilities at the end of the year amounted to KD 1,280,532 While the total shareholders' equity amounted to 23,620,981 KD. Investments properties amounted to KD 1,473,979 were added, and investments properties were sold for KD 2,571,889.







Financial Result 2017

Al Riyada achieved a net profit for the year of KD 645,766

The main source of revenue for the year resulted from the revenues of the company's share in the results of joint ventures for the year, amounting to KD 806,351 and the revenues of Islamic financing amounted to KD 258,653. The total general and administrative expenses amounted to 387,511 KD. The total assets at the end of the year amounted to 25,659,706 KD, and the total liabilities at the end of the year amounted to KD 2,740,354. Investments properties with a value of KD 2,422,364 were added, and investments properties were sold for an amount of KD 3,177,824.

Year 2017


Financial Result 2016

Al Riyada achieved a net profit for the year of KD 1,339,647

The financial statements for the financial year ending on 12/31/2016 indicate that the company has achieved revenues of 1,675,807 KD which is represented in the revenues of share of result of joint ventures in the amount of KD 1,130,577 in addition to Islamic financing revenues in the amount of 121,262 KD (Murabaha,Ijarah) and cash dividends in the amount of KD 407,701 and other revenues, which resulted in achieving a net profit of KD 1,339,647 an increase of 23% over the previous year. The company's assets, which amounted to KD 22,454,897 as of 12/31/2016 include, for example, investments in joint ventures amounting to KD 9,244,605, financial investments available for sale amounting to KD 6,089,241, investments properties amounting to KD 4,688,024 and Islamic financing debts amounting to KD 1,587,960 and other assets.







Financial Result 2015


NET profits grew by 34% in 2015

Al-Riyada Finance & investment posted a 34% growth in profits during 2015. Net income stood at 1,090,626 million KD (7.3 fils) earnings per share compared to 808,459 million (5.4 fils) earnings per share in 2014. The book value of the company amounted to (140 fils) as of December 31, 2015 While the cumulative return on equity stood at 40% since inception of the company in 2008. During the annual general meeting which was attended by all shareholders, Mr. Muhannad Al Sane announced that “Al-Riyada” is moving forward with its strategic plan to diversify its sources of income through several business segments which includes; reaping profits from existing real estate investments chosen to appeal to a wide consumer base. Other segments include revenues from Islamic financing and consultant fees. “Al-Sane” also mentioned that “Al Riyada” have solid financials and has focused on self-financing for its strategic real estate projects in order to enhance its owners’ equity. As the governance law comes into effect for all companies under the supervision of the Capital Markets Authority “CMA” “Al-Sane” announced that “Al Riyada” today completed 95% of the requirements. The general assembly approved all items on the agenda for 2015 fiscal year and decided not to distribute dividends. Moreover, the new board was elected and it consists of Mr. Muhannad Mohammed Al Sane as chairman of the board, Mr. Nasser Saad Al Otaibi as Vice Chairman of the board, Mr. Thamer Al Osaimi, Mr. Talal Sultan Al Shehab and Ghassan Khalifa Al-Waqayan as members of the board.

NET profits grew by 34% in 2015
Interview

Interview with Mr. Muhannad AL-Sane


Well positioned in the regional finance market AN EXCLUSIVE INTERVIEW WITH: MUHANNAD AL-SANE Chairman & CEO, Al-Riyada Finance & investment As the country seeks future ways to diversify the economy, given falling oil prices, what do you think Kuwait must do to expand and diversify its economy? Everyone agrees that we must move away from the oil sector and focus on other segments. Everyone understands that diversification is now a necessity. We have sixteen consecutive years of budget surplus. Sixty percent of the Kuwaiti population is under the age of twenty-five. Kuwait, per capita, has the most high-level graduates in the Gulf. We have the surplus, youth, and education. These elements can boost Kuwait in the right direction for diversifying the economy. It is easy to start building on these advantages. Everyone believes that oil will not continue to support the economy. The youth are passionate about their future and have a clear vision of the future: we need to diversify. Do you perceive a strong will from the younger population to move into the private sector, or do you still think the public sector is too appealing? Unfortunately it is too appealing. They are getting good benefits and stability. Do you think that this will change in the coming years, that they will have to shift away from the public sector? Not only the government but the private sector should also give incentives for people to want to work in the private sector. But this happen based on the economic environment.

Islamic finance news Kuwait

Mr. Muhannad Al-Sane -Chairman & CEO participated as a speaker on behalf of AL-RIYADA FINANCE & INVESTMENT CO. in islamic Finance News (IFN) Kuwait Forum 2015 which was held in Kuwait 19/11/2015. IFN REPORT: The Islamic finance industry continues to go from strength to strength in Kuwait, with its five Islamic banks experiencing 11% growth this year (compared to 8% for the five conventional banks) and capturing 38% of total assets. But the country offers much more than just Islamic banking – asset management and international investment opportunities are also expanding while the huge infrastructure and project finance pipeline is finally welcoming the prospect of Islamic finance involvement. At yesterday’s second annual IFN Kuwait Forum the elite of the GCC [5] industry gathered together to analyze the exciting opportunities in this unique market. “Islamic banks are performing extremely well. We have the pipeline to be a major player in the Kuwaiti economy. The banks are ready to step in and provide the right financing and expertise to any major project in Kuwait,” said Emad Al Monayea, CEO of Kuwait Finance House Investment. “But the big question is whether anyone is listening to these messages. Does the government think that Islamic banks and assets are ready to support their projects?” A key theme of the event was the exceptional opportunities for public-private partnerships in the Islamic space, with multiple mega infrastructure projects coming to the market. “All of these should create the right environment to attract Islamic financing into the real economy,” confirmed Emad. While the market is growing rapidly and the opportunities are promising, challenges remain in terms of legislation and regulation, with some gaps still waiting to be filled.

News Image
News Image

Al-Riyada achives good finance performance

Al-Riyada Finance & Investment Company achieved good financial performance in 2014, with a net profit of KD 808,459 (5.4 fils per shar compared with a net profit of KD 2,101,290 million (14 fils per share) in the previous year. The company book value reached 133 fils per 31 December 2014, while the cumulative rate of return on equity posted a growth of 33% since inception in 2008. Mr. Muhannad Al- Sane, Chairman & CEO, pointed out during the ordinary and extraordinary General Assembly which was held the day yesterday and achieved an attendance rate of 100% "Al-Riyada is always looking forward to diversify It's income " where he explained that the good profits generated this year resulted frot collecting the dividends of successful investment profits over the past years, in addition to returns generated from Islamic finance and shares in joint ventures profits and consultancy fees. Unveiling "Al-Riyada" plan for the upcoming year, Mr. Al Sane said " We are mainly focusing on finance real estate projects with feasible returns which Al-Riyada is heading for investing in, enhance our returns and to diversify Al-Riyada's income ". Al Sane added "Al-Riyada enjoys a solid financial position, it also focused since inception on self financing its strategic investments achieve good return on shareholders' equity". Al-Riyada General Assembly approved all the articles on AGM agenda for the financial year ending on 31 December 2014. The AM approved no dividends distribution, were also approved extraordinary General Assembly on the amendment of article number (5) of the Memorandum Association and Article number (4) of Al-Riyada Finance & Investment Statute by adding brok activity in purchasing and selling stocks against commission for third parties and by adding investment monitor activity. Once obtaining the final consent of CMA for these activities, Al-Riya have got all seven licenses required by the Capital Markets Authority.

News Image

AL-Riyada achieves supreior financial performance


Al-Riyada Finance & Investment Co achieved superior financial performance in 2013, with a net profit of KD 2,101,290 million (14 fils per share) compared with a net profit of KD 300,299 thousands (2 fils per share) in the previous year. The company’s book value reached 127 fils per share as of 31 December 2013, while the cumulative rate of return on equity posted a growth of 27% since inception in 2008. Mr. Muhannad Alsane, Chairman and Managing Director said in the Annual General Assembly which achieved an attendance rate of 94% “The superior profits generated this year resulted from selling our stake in Al-Liwan Mall and Divonne Dinning Complex with a total value of KD 40 million, achieving 28% returns on the total invested amount, in addition to returns generated from Islamic finance mandates and shares in joint ventures profits. Unveiling “Al-Riyada” plans for the upcoming year, Mr. Alsane said “After a thorough market research and following an opportunistic approach, we identified many attractive investment opportunities to inject the liquidity generated from last year’s exiting activities. We are mainly focusing on real estate projects with feasible returns, aiming to enhance our returns, and diversify Al-Riyada’s income structure.” Alsane added “Al-Riyada enjoys a solid financial position, and it focused in the past on self-financing its strategic real estate projects aiming to achieve good returns on shareholders equity.” Al-Riyada General Assembly approved all articles on AGM agenda for the financial year ending on 31 December 2013. The AGM recommends no cash dividends.

AL-Riyad raise its ROE
since inception in 2008 by 13.5%

Chairman & Managing Director of Al-Riyada Finance & Investment Co., Mr. Muhannad Mohammad Al-Sane, unveiled the company's plans that focus on diversifying its business and sources of income and improving its investment projects, as well as investment in key sectors of real estate and finance. Al-Sane mentioned in his speech during the General Assembly, which was held by the presence of 100%, that Al-Riyada has established a network of strategic alliances managed to create investment opportunities of operating profits and maximize the return on the investments for the company and its clients. Al-Sane reviewed the company’s performance and activity during the year 2012, stating: "Al-Riyada" has pursued a strategy focused on the diversification of sources of income for the sectors, including finance, real estate, consulting and management of client portfolios. In addition, the company was able to complete its projects under development, pointing out that it was keen to be cash liquidity available, as well planning for the next phase and its requirements, noting that the company does not exist in any financial obligations to others resulting from financing contracts for the year ended 2012.

AL-Riyad raise its ROE since inception in 2008 by 13.5%
News Image

AL-Riyada exit investment from Al-Liwan Mall with total exit value of KD 30 MILLION


Al-Riyada Finance & Investment Co. realizes significant returns approximating 22% for the company and its clients of invested capital. This significant realization of profit comes as a result of the company’s exit from its investment in Al-Liwan Mall located at the state of Kuwait - Eqaila area. The mall covers an area of 5,592 sm. With total exit value of KD 30 Million. Mr. Muhanad Al-Sane, Chairman & Managing Director, stated that “Al-Riyada”, since inception in 2008, has focused on the achievement of its basic objectives including the provision of finance solutions for feasible and carefully selected real estate projects with manageable risks, investment in such projects and establishing appropriate exit strategies for the company & its clients. AL-Liwan Mall (launched in the middle of 2012) is one of its achievements. Al-Sane concluded his statement by stipulating that profits realized should be included in the 2013 results. In regards to the reasons of this exit, Al-Sane indicated that the market is full of profitable and promising investment opportunities and “Al-Riyada” wishes through its future vision to diversify sources of income for the company and its clients.

AL-Riyad exit investment from
Divonne Restaurants Project


Al-Riyada Finance & Investment Company announced recently the completion of the sale transaction of a major real estate investment represented in “Divonne” Restaurants Project, located at the State of Kuwait Abu-Al-Hasania area – Fahaheel Highway. The exit value amounted KD 10 Million, realizing total returns on investment (40%) for the company and its clients. Bearing in mind that the investment period approximated 3 years and profits will be included in the 2013 financial results. Mr. Muhanad Al-Sane - Chairman & Managing Director, stated that “Al-Riyada” Company has focused after inception in 2008 on investing in development projects with innovative ideas, well studied and controlled exit strategies. This exit deal with the company’s strategy to provide investment opportunities with well studied risks and high returns in the local market, thus aiming to increase returns on its investments and observe the best interests of its clients. Al-Sane emphasized that Divonne “Restaurants Project” comes as a completion of the first stage incarnated in the project “The Village” Restaurants. Divonne project comprises 3 floors covering an area of 4699 sm. designed originally to highlight the European style and design. The project comprises 24 restaurants/cafés & parking lot sufficient to accommodate 100 cars. The building was fully leased to various high class reputable restaurants and cafés in the market such as Starbucks Café, Nino s Restaurant, Johnny Rockets Restaurant, Second Cup Café, SHOP Restaurant & Big Smoke Burger.

News Image
News Image

AL-Riyada general assembly declares no distributions for the year 2011


Al-Riyada Finance & Investment Co. general assembly in its meeting held on Monday 17th September 2012 in presence of a quorum representing 88.05% of the shareholders, has resolved not to distribute any dividends to shareholders for the financial year 2011. Al-Riyada Finance & Investment Co. Posts KD 210 Thousand profit for the year 2011 Mr. Mohannad Al-Sane, Chairman & Managing Director - Al-Riyada Finance & Investment Co. stated that the company has achieved positive results for the year 2011, thus maintaining its strong financial position. These positive results come as a result of company’s management implementation of the company’s strategy and goals which were established since the company’s inception in 2008. Mr. Al-Sane emphasized in his speech during the general assembly meeting held on the day before yesterday that the company’s gross revenues approximated KD 252.890 compared to KD 1,244,036 for the year 2010. Equity increased by 1.3 % to reach KD 16,633,606. Total assets increased by 1.4 % to reach KD 16,748,246.

AL-RIYADA general assembly approves agenda

Al-Riyada Finance & Investment Co. KSC (Closed) ordinary general assembly held its third meeting on Wednesday 8/6/2011 in presence of full quorum, chaired by the company’s chairman and managing director Mohannad Mohammed Al-Sane at the company’s head office. The company’s chairman and managing director Mr. Mohannad Al-Sane emphasized that the meeting comprised reviewing, discussion and approval of auditors’ report, board report for the year 2010, balance sheet, and statement of profit and loss for the second financial year ended 31/12/2010 as well as the quittance of the board members for the year 2010. It is worth mentioning that Al-Riyada Finance & Investment Co. was established as a Kuwaiti Shareholding company – Closed on 16th July 2008 to finance and manage funds and portfolios and conduct investment activities as per Sharia regulations with a KD 15 Million capital. Mr. Mohannad Al-Sane, Chairman & Managing Director - Al-Riyada Finance & Investment Co., announced that the company has posted an increase in its net profit for the financial year ended 31/12/2010 by 594.30 % to reach KD 1.244 Million compared to KD 179,000 thousand for the year 2009. Shareholders equity approximated 16.5 Million for the year 2010 compared to KD 15.179 in 2009. Share profitability approximated 1.2 Fils in 2009.

News Image
News Image

AL-Riyada to launch projects and issue investment products within few weeks

Mr. Mohannad Al-Sane, Chairman & Managing Director of Al-Riyada Finance & Investment Co. revealed that the company is in the process of entering projects and issuing new investment products within the next few weeks. These projects are considered as the opening activities of the company inside and outside Kuwait. He added that one of the first opening products would be the finance of a unique real estate activity inside Kuwait which shall be announced in the near future. Al-Sane said that the company, after being established with a KD 15 Million Capital shared by major strategic owners, is currently considering certain promising strategic investment opportunities which have emanated from the current financial crises and which were not available during the preceding robust period. Mr. Al-Sane added that the company’s activity would be focused on providing retail and corporate finance solutions, investment in real estate and industrial investment opportunities, establish real estate and investment funds, and management of third party portfolios in both local and external markets as per Sharia regulations.

AL-Riyada achieves supreior financial performance


Chairman & Managing Director of Al-Riyada Mr. Mohannad Al-Sane announced that Al-Riyada Finance & Investment Co. is incorporated with a KD 15 Million capital fully paid up by the owners. He indicated that this company would be the finance and investment arm of Shuwaik Gate Holding Co. in its capacity as the major shareholder owning approximately 40% of the company’s capital. Mr. Al-Sane added that the company has adopted a Sharia compliant method in conducting its activities whereas the company’s activity would be focused on providing financial solutions to companies and individuals, direct investment in investment, real estate and industrial opportunities and establishment of investment, real estate and industrial funds in both local and regional markets. Mr. Al-Sane stated that the company aims to preserve the company’s funds by targeting strategic investment opportunities. These opportunities would generate remarkable returns for the company and its shareholders in light of the economic crises which has created rare promising investment opportunities which the company will filter, examine and avail in order to realize remarkable profit on its capital. Al-Sane added that the company has employed the services of promising efficiencies and expertise in order to execute its strategy in addition to its continuous efforts to establish a risk management department reporting to higher management, this step was adopted to encounter the impacts of the financial crises which has clearly highlighted the most significant role risk management plays to achieve the stabilization of business deals. The company studies possible opportunities and future expansions in order to identify the company’s capabilities and risks resident in these investments. Risk management aims to minimize losses, guarantee invested funds and avoid possible risks which may emanate from unstudied expansion. He added that the company is in the process of entering new projects and issuing new investment products within the next few weeks so that these products would form the company’s initial activity inside and outside Kuwait. Mr. Al-Sane indicated that the company’s opening product would be the finance transaction of a unique and significant real estate activity in Kuwait which will be announced soon. Mr. Al-Sane embraced the vital role which Sheikh/ Salem Al-Sabah, CBK governor, and his team played in regard to the issuance of the financial stability law. He emphasized that this modern professional law, which is the first of its kind in the region, serves economy and mitigates damages which Kuwait Private Sector incurred due to the global financial crises.

News Image