On behalf of myself and the Board of Directors, I am pleased to present you the financial report of the UMS for the fiscal year ended on March 31, 2010.
The UMS was founded in 2003 to invest and improve the quality of the private healthcare sector in Kuwait by providing comprehensive range of medical services as per the International health standards.
Since its establishment during a relatively short span of time, the company proved its existence and significantly developed its operations either by establishing new companies or acquiring existing companies in order to achieve our vision by becoming the leading model in managing and investing in the healthcare sector in Kuwait and the region.
Consequently, our group has developed over the past 7 years to include 10 subsidiaries under its umbrella, fully staffed with highly qualified local and international professionals and fully equipped with the latest high-technological equipments covering all the healthcare aspects such as dentistry, pharmaceutical, medical labs, nutrition and supply and maintenance of medical equipments.
As for our group’s most recent huge projects was the opening of Kuwait’s state-of-the-art milestone (Al-Seef Hospital) owned by Maidan Clinic for Oral services, which was operational in November 2009 and started receiving patients in all specialties.
Al-Seef has obtained an overwhelming welcome and preference from the public; Recently, Al-Seef hospital attained (the award of Excellence) from the Ministry of Public Affairs during their general conference held on April 20th, 2010.
Moreover, the civil work and construction phases are fully completed for our new project (The International Hospital), owned by Kuwait Medical services Company (KMS), thus we expect it to be operational by the end of 2011.
On the other hand, the United Laboratories Company (ULC) has recently established its centralized medical labs and purchased a new dental lab in Abu Dhabi.
Furthermore, the International Health Services (HIS) has expanded its outpatient clinics to cover Kuwait’s governorates by establishing new branches for the (International Clinic) in Farwaniya, Mangaf and Jahraa’.
Currently, the International Health Services Company (IHS) ,Maidan Clinics, Al-Seef Hospital and the United Laboratories Company (ULC) got a big number of patients which is expected to increase to more than doubled; thus making our group the leader provider for private healthcare services in the region.
Despite of the influence of the economical crisis that lasted till this year in the local and regional countries, the UMS had succeeded in achieving excellent financial results, as the total operating revenues reached 17.65 Million KD with an increase of 15% compared to last year. The net profit reached 2.15 Million KD and the earning per share reached 13.03 fils. The company has managed to achieve 7% return on shareholders’ equity.
In respect of dividends distribution, the Board of directors has proposed not to distribute dividends for this year due to the company’s need for cash sources to finance the group’s current projects; this recommendation is subject to the approval of the shareholders general assembly.
Moreover, after thorough studies, the Board of directors suggested to increase the company’s capital from 16.5 Million KD (Sixteen Million five hundred thousand KD) to 24.50 Million KD (twenty four million five hundred thousand KD) in cash and in a single payment at a price of 100 fils per share and with no premium.
On behalf of my fellow members of the board and the employees, I would like to extend my deep thanks and gratitude to His Highness sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince and His Highness the Prime Minister for their constant support to the private health sector.
Finally, I would like to convey my thanks to all the UMS employees and its subsidiaries for all their efforts which were clearly reflected on the performance of the group in general.
May God continue to grant us success and prosperity.
Mr.Mahdi Mahmoud Haider