Kuwait Stock Exchange - 9 Suspended Companies - Length of Delays in Financials

You'll recall that earlier the KSE suspended 13 companies.  Here's the previous post.

Four have provided their financials:

1. Aref Investment Group (Investment Company) - See post on Aref's financials here.
   
2. Aayan Leasing and Investment Company (Investment Company)
3. Al-Madar Finance and Investment Company (Investment Company)
4. Safwan Trading and Contracting (Services Company)
   

And here for the earnings of Aayan, Al-Madar and Safwan.

Looking at a  KSE announcement from 19 November, we can analyze the remaining companies by the length of delay in their financials. (You can find the text - Arabic only - as described in the previous post above.  It's the 7:59:38 post on the 19th).

First, those only past due for their 30 September 2009 financials:

1. Industrial Investments Company (Investment Company)
2. Salbookh Trading Company (Industrial Company)
3. National Ranges Company (Services Company) a/k/a "AlMadayen"
   

Second, those past due for 30 June 2009 and 30 September 2009 financials:

1. Pearl of Kuwait Real Estate Company (Real Estate)  a/k/a Lu'lu

Third, for 31 March, 30 June and 30 September 2009:

1. Safat Global Holding (Real Estate)
2. Network Holding Company (Services Company)  a/k/a "Shabka".  Shabka is also suspended for failure to pay its listing fees on the KSE for 2009-2010.
   

Fourth, for 31 December 2008 and 31 March, 30 June and 30 September 2009:

1. The Investment Dar (Investment Company)
2. International Leasing and Investment Company (Investment Company)
3. Villa Moda Life Style (Services Company)
   

Company type corresponds to KSE classification.

Clearly, the longer a firm's financials are not provided the stronger the sign of financial distress.  As mentioned before, banks and investment companies' financials must be approved by the Central Bank of Kuwait.  When there is a delay in release of a financial report for one of these parties, it often signals that the CBK and the company are having a disagreement.  That is not a sign of financial strength as the CBK does not frivolously hold up finalization of interim or annual reports.