Sunday, September 15, 2019

KAMCO reports KD 1.05 million net profit for first nine months of 2018

Results demonstrate success of our growth strategy: Sarkhou

Faisal Mansour Sarkhou

KUWAIT: KAMCO Investment Company, a leading investment firm with one of the largest AUMs in the region, announced its financial results for the first nine months ended September 30, 2018. The Company recorded a net profit of KD 1.05 million, an increase of 6 percent over the prior year’s KD 997 thousand for the same period. Earnings-per-share (EPS) reported for the period were 4.45 fils up from 4.20 fils in 2017. Revenue for the period was KD 8.6 million, up by 12 percent from KD 7.7 million for the same period in 2017. Fee income for the first nine months reached KD 6.12 million, a 34 percent increase from KD 4.57 million for the same period last year.

Chief Executive Officer of KAMCO, Faisal Mansour Sarkhou, said, “The consolidated financial results for the nine months witnessed improved growth due to implementing KAMCO’s growth strategy and expansion plan, both in Kuwait and across the region. We currently have a strong liquidity base and financial profile that harness the full strength of our integrated business model, delivering growing returns on behalf of our valued clients and shareholders. The strength of our operating model and culture is evident in the consistency of our performance over time, and we remain optimistic about the future. We are confident and certain about the path we have followed for the company and the opportunities that have and will arise as we strive to enhance our offering.”

He also said, “During Q3, KAMCO issued a KD 40 million bond with both Gulf Bank and KAMCO acting as joint lead managers and arrangers for the issuance. The transaction was covered in the shortest subscription period for a KD denominated bond in the history of Kuwait’s market. We also successfully concluded our purchase of a 69.528 percent majority stake in Global Investment House (“Global”). This transaction was rated as one of the top 5 GCC M&A transactions, as of the end of the third quarter of 2018. We have increased the number of portfolios under management and will continue to seek alternative investment solutions, as well as introduce new product offerings, to help our clients reach their unique investment goals. We will continue to strengthen our investments, despite trading in challenging markets, while optimizing and enhancing our products and services.”

In regards to the market during this period, investor interest continued to remain strong in GCC markets during Q3-2018, especially against the backdrop of recent market upgrades announced for Saudi Arabia and Kuwait. The aggregate regional index recorded double digit growth for YTD-2018 led by attractiveness of blue-chip stocks across the market. On the economic front, the surge in oil price to a 4-year high has supported the government on the fiscal front, triggering upgrades to future economic growth projections. In addition, the government’s support of the private sector coupled with efforts to grow the non-oil economy augurs well for corporate profitability, which remained upbeat for the first nine months of the year. This, along with a strong regional banking balance sheet, provides a conducive environment for accelerated growth in the near term.

The post KAMCO reports KD 1.05 million net profit for first nine months of 2018 appeared first on Kuwait Times.

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