KAMCO Investment Company, announces its financial results for the
period ended on June 30th, 2018. The Company recorded a net profit of KD 421,407for the first half of 2018, an increase of 12%
in comparison to KD 375,364 during the same period
in 2017.Earnings-per-share (EPS) for the period is 1.77fils, compared to 1.58fils
in 2017. Fee income reached KD 3.8 million, an
increase of 18% from KD 3.2 million achieved in the first half of 2017.
Revenuesrose by 2% to KD 4.8 million for the first
half of 2018 from KD 4.7 million in 2017.
Total assets under management (AUM), stood at KD 3.1 billion, with
new money raised in funds and client portfolios.
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| Faisal Mansour Sarkhou |
Chief Executive Officer of KAMCO, Faisal Mansour Sarkhou, said, “Despite an
anticipated slight increase in expenses, due toimplementing the Firm’s growth
strategy and expansion plan, we have increased our net profits by 12% in comparison
to the first half of 2017. Our funds and portfolios under management continue
to perform well in the market and KAMCO will continue to enhance them to
outperform their benchmarks.We will remain focused on reducing our expenses and
increasing our profitability by utilizing our resources through varying market
conditions to proactively serve our clients and stakeholders.”
He also said, “During the second quarter,our Investment Banking
Team has completed several key transactions within the local and regional
markets. We acted as the Sole Managers and Arrangers of United Real Estate
Company’s KD 60 million bond issuance, and were Joint Lead Managers in Damac
Real Estate Development’s USD 400 million Sukuk issuance. In addition to that,
our Alternative Investments Team has increased the size of the AUM in theinternational
real estate portfolio to USD 344 million.”
It is worth mentioning that, the GCC markets remained mixed during
the first half of 2018, Saudi Arabia with its double-digit gains at one end,
while Dubai seeing an almost equivalent fall on the other. Most of the gains in
Saudi Arabia came on the back of its inclusion in the MSCI’s Emerging Markets
index. In addition, a positive surprise provided a big boost to Kuwait during
the latter half of Q2-18 after MSCI said it would include Kuwait in its 2019 review.
Large-cap stocks remained the top pick in most of the positive performing
markets while a conservative stance was followed in the case of Dubai resulting
in a steep decline in trading activity.
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