Commercial Facilities Company (CFC), one of the leading finance companies in Kuwait, said its net profit for the first quarter surged 38 per cent to hit KD4.6 million ($16.5 million) compared to KD3.33 million in 2011.

Announcing the results on Sunday, CFC said the jump in profits was mainly led by the strong revenue growth posted in its core operations. The company's share profits reached 9 fils per share.

CFC’s success in the first quarter was due to its maintained marketing strategy in financing new and used cars, cash and installment loans, as well as consumer and company loans, said the Kuwaiti firm.

In addition, the implementation of the debt collection policy played a vital role in maintaining the company’s assets, it added.

Commenting on the performance, chairman and managing director Abdullah Saud Al Humaidhi said, “The first quarter results reflects CFC’s extremely positive start of 2012, positioning the company for the rest of 2012. CFC’s first quarter results are a testimony of the consistent positive performance that we have been able to achieve.”

"In addition to sparing no efforts to generate the highest profits, CFC always strives to apply its strategic plan with optimum precision in order to provide the best services for its customers," remarked Al Humaidhi.

"The company has been distinguished for its good services and the strong experience of its work team which all had led to our clients’ satisfaction," he added.-TradeArabia News Service