KARACHI, March 30: Pakistan Kuwait Investment Company (Pvt) Limited earned after tax profit of Rs2,830 million for the year 2003 which was 33pc higher than the previous year.

"The earning of Rs19 per share places Pak-Kuwait at the top of the best performing companies in the country's corporate sector including the entire financial sector", said Pak Kuwait in a statement.

The 25th Annual General Meeting (AGM) of Pak-Kuwait was held recently in Karachi and was attended by shareholders representing Government of Pakistan through State Bank of Pakistan and the Government of Kuwait through Kuwait Investment Authority. The audited accounts for the year ended Dec 31, 2002 were considered and approved by the shareholders.

Total assets on Dec 31, 2003 stood at Rs16,554m, as compared to Rs14,136 million during the same period of the previous year, which represented 17 per cent growth. Shareholders' equity registered 41 per cent growth during the year 2003 and stood at Rs7,795 million.

Pak-Kuwait paid Rs580m in dividends to shareholders, equivalent to around $10m, for the second consecutive year, i.e. 2002 and 2003. This was stated to be the highest dividend payout in the history of the company; a cumulative dividend payment by the company since its inception amounted to Rs4,112 million.

The Managing Director, Zaigham Mahmood Rizvi apprised shareholders regarding various achievements that were attained. In this respect several ratings and awards were achieved during the year 2003.

These included highest credit rating AAA awarded by Pakistan's two crediting agencies, PACRA and JCR- VIS. Code of Corporate Governance Rating of CGR-8 on a scale of 1-10 and ISO 9001:2000 certification from Moody's International for quality systems and procedures, the Pak-Kuwait press release said.