Changes in Board at Aref Investment Company?

AlQabas reports that there will be a signficant change in Aref's Board of Directors - a major figure will leave next year.  The delay in the change is attributed to the financial crisis.  The replacement is said to be aware of the company's internal and external circumstances.

Those who read this blog and Arabic will recall that Aref posted a KD55.1 million loss for the first nine months of 2009 versus a KD39.6 million profit for the same period in 2008. 

Looking at the Arabic financials, here's a bit of tafsir for those interested.

The first line 55 million and 17 million losses are respectively for 9 months and 3Q09.

The next line are per share earnings for the same periods.

The next line is current assets - roughly 330.5 million.

The next line total assets - roughly 780.9 million.

Then follow current liabilities - roughly 366.6 million.

Then total liabilities - roughly 491.9 million

Then total equity - roughly 245.1 million.

If you're wondering, yes, even in Kuwait  the balance sheet must balance.  The missing amount - roughly 43 million - represents minority interests in Aref.

The comparative figures for 2008 are below with net income at 39.6 million for nine months and 12.1 for 3Q08.  With this you should be able to match the other numbers here using the 2009 data as a guide.

Earlier Aref financials are at the KSE website.  Here.

Aref also won a first round suit against The Investment Dar as previously detailed here and here.