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HEISCO’s board proposes 10% dividend payout for FY10

SHIP SHIP 0.64% 784.00 5.00

Kuwait Stock Exchange (KSE) announces that the board of Heavy Engineering and Ship Building Co. (HEISCO), in a meeting held on Monday, 28/03/2011, endorsed the financial statements for the fiscal year that ended on 31/12/2010 as follows:

1) Financial results:


Item

FY ended 31/12/2010

FY ended 31/12/2009

Profit (KWD)

4,837,309

4,866,413

EPS (fils)

29.59

29.77

Total current assets

48,728,098

56,692,985

Total assets

81,394,203

87,892,456

Total current liabilities

45,344,115

58,308,660

Total liabilities

51,759,292

64,820,304

Total shareholders’ equity

29,634,911

23,072,152

Expenses of dealings with related parties totaled KWD 361,729, with no related revenue recorded.

2) Proposed dividend:

The board recommended paying cash dividend for FY10 at 10% of par value, or 10 fils per share, to shareholders of record on the general meeting date. The proposal is pending the approval of shareholder meeting and competent authorities.

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