Hayat communications company reports 19% growth in profits

Board Chairman of Hayat Communications Company (HCC) Amer Al-Yasseen said Tuesday the company''''s profits grew to KD 2.8 million in 2013 from KD 2.4 million in the previous year, reflecting a 19 percent increase. "The company managed to overcome the impacts of the global financial crisis of 2008 through cutting down the administrative costs and increasing the total profits," he told the annual General Assembly meeting. "The company seeks to enhance its efficacy, explore for new investment opportunities and strengthen relations with clients," Al-Yasseen pointed out. He said the new strategy of the company is based on a diversified portfolio of products and services, cost-effective measures, and enhanced geographical expansion. "The company proceeded from provision of infrastructure services to be a provider of specialized solutions," he said, adding that the company is implementing a new operating model which aims to generate new profits. Only 64 percent of the General Assembly members attended the ordinary session; the percentage is less than the 75 percent quorum for an extraordinary meeting. The company was listed on Kuwait Stock Exchange in 2007.