Kuwait-based Metals and Recycling Company (MRC), a leading eco industrial company and its subsidiaries, exhibited significantly enhanced earnings performance across during the financial year (FY) ended December 31, 2016, in comparison to the previous financial year.
The company’s revenue increased 7.32 per cent in 2016 to KD12.1 million ($39.6 million), from KD11.3 million ($37.05 million) during the FY 2015, said a statement from the company.
Gross profit increased 51.6 per cent from KD2.2 million ($7.21 million) during FY 2015 to KD3.3 million ($10.82 million) during FY 2016, mainly due to realised cost efficiencies and optimisation, it said.
The improved cost savings, efficiencies and optimisation are reflected in the gross profit ratio, which increased from 19 per cent in 2015 to 26.89 per cent in 2016, it said.
The company's net income during 2016 was KD580,188 ($1.9 million) compared to a loss of KD2.451 million ($8.05 million) in 2015.
The plastics and waste management business units’ contribution to the results came from strategic streamlining aimed at maximising capacity, raising the efficiency of processes, cost optimisation, and intelligent materials sourcing.
In the metals and steel division, competitive sourcing and participation in more auctions to maximise capacity as well as an increased utilisation of existing assets. Improved cash flow management and better streamlining of the sales cycle were also major contributors to the results.
United Engineering Services (UES) continues to exhibit solid earnings performance as a result of its large base of ongoing government contracts, and successful bids for new government contracts, ensuring that its earnings performance will remain strong.
UES is a leading provider of HVAC, maintenance and other related services in Kuwait.
Silver Ocean continues its growth as a provider of cleaning services for the public and private sectors, with strong performance as a result of successfully bidding for new cleaning contracts across various clients and customers.
Kawoosh has positioned itself as a reputable player in the medical waste incineration industry as it seeks to bid for new contracts for medical waste incineration in Kuwait, it stated. – TradeArabia News Service
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