Kuwait-Mubasher: NBK Capital, the investment arm of NBK, said it has maintained its recommendation on Mezzan Holding at “Hold”, affirming the fair value at KWD 1.12.
According to a statement by NBK Capital’s research team, Mezzan’s sales grew 7.5% on an annual basis to KWD 196.1 million in the fiscal year 2015, in line with NBK Capital’s forecasts of KWD 195.1 million.
Mezzan reported 32% increase in net income to KWD 19.4 million in 2015.
“However, upon excluding the KLOC insurance claim, the underlying net profit increased by 16.5% YoY to KWD 17.2 million. The underlying net profit is 6.5% lower than our forecast of KWD 18.4 million,” added the statement.
Meanwhile, the company’s revenues retreated 1.4% on an annual basis to KWD 45.3 million, with net income rising 7% to KWD 3.3 million in the fourth quarter.
