Markaz an­nounces net profit of KD 2.39m for 3 quar­ters

Kuwait Times - - BUSINESS -

KUWAIT: Kuwait Fi­nan­cial Cen­tre “Markaz” an­nounced a net profit at­trib­ut­able to share­hold­ers of KD 2.39 mil­lion (EPS 5 fils per share) for the nine months end­ing 30th Septem­ber 2015, as com­pared with a net profit of 6.31 mil­lion dur­ing the same pe­riod in 2014. Markaz’s to­tal as­sets un­der man­age­ment (AUM) reached KD 1.05 bil­lion as of Sept 30th, 2015.

Th­ese re­sults come amidst a preva­lent neg­a­tive per­for­mance of the GCC eq­uity mar­kets due to low oil prices and geopo­lit­i­cal tension in the re­gion. S&P GCC Com­pos­ite lost 11% dur­ing the nine months pe­riod, while Kuwait Stock Ex­change weighted in­dex dropped by 11.5 per­cent dur­ing the same pe­riod. Global mar­kets also de­clined due to slug­gish growth in Chi­nese econ­omy and un­cer­tainty con­cern­ing the US Fed­eral Re­serve’s plan to raise in­ter­est rates. MSCI Emerg­ing Mar­kets In­dex fell by 17.2 per­cent dur­ing the nine-month pe­riod, while MSCI WORLD In­dex lost 7.5 per­cent dur­ing the same pe­riod.

Mean­while, the com­pany’s cor­po­rate fi­nance ac­tiv­i­ties have strength­ened through­out the nine-month pe­riod, with con­tin­ued growth of an­nounced and ex­e­cuted merger and ac­qui­si­tion trans­ac­tions. Dur­ing 2015, Markaz has been at the fore­front of M&A ac­tiv­ity in Kuwait and has suc­cess­fully com­pleted three key M&A trans­ac­tions; a flag­ship ten­der of­fer in Kuwait’s mar­ket by Al-Ah­leia In­sur­ance for Kuwait Rein­sur­ance com­pleted in the third quar­ter, ac­qui­si­tion of a com­pany in the hos­pi­tal­ity sec­tor and a re­struc­tur­ing trans­ac­tion. Markaz has also de­liv­ered on four gen­eral ad­vi­sory as­sign­ments in ad­di­tion to a pipe­line of trans­ac­tions un­der ex­e­cu­tion.

It is worth not­ing that Markaz re­cently re­ceived “Best Eq­uity Man­ager in Kuwait - 2015” award by Global In­vestor Mag­a­zine; it is the sixth con­sec­u­tive year Markaz wins a Global In­vestor award. Markaz also won “Best As­set Man­agers for Cor­po­rates in Kuwait 2015” from Global Fi­nance mag­a­zine. Markaz was also named “Best In­vest­ment Bank in Kuwait” by Global Fi­nance in 2015. The award re­flects the com­pany’s pro­fes­sional skills in ex­e­cut­ing many suc­cess­ful trans­ac­tions for its clients in the fields of credit mar­kets, eq­ui­ties, merge and ac­qui­si­tions along with offering fi­nan­cial con­sul­tancy ser­vices.

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