Global re­ports KD8.4m rev­enues in H1 2017

Com­pany an­nounces KD2.7 mil­lion net profit

Kuwait Times - - BUSINESS -

Global In­vest­ment House (“Global” or the “Com­pany”), a re­gional as­set man­age­ment and in­vest­ment bank­ing firm head­quar­tered in Kuwait, with of­fices in ma­jor cap­i­tal mar­kets in the MENA re­gion, yes­ter­day an­nounced its fi­nan­cial re­sults for the first half ended 30 June 2017 re­port­ing a net profit of KD2.7 mil­lion ($8.8 mil­lion) com­pared to a net profit of KD0.9 mil­lion ($3.0 mil­lion) in H1 2016, to­tal rev­enues of KD8.4 mil­lion ($27.7 mil­lion), and fee and com­mis­sion in­come of KD5.8 mil­lion ($19.1 mil­lion) rep­re­sent­ing 69 per­cent of to­tal rev­enues. As­set Man­age­ment busi­ness gen­er­ated KD5.3 mil­lion ($17.6 mil­lion) rev­enues dur­ing the first half.

At 30 June 2017, As­set un­der Man­age­ment (AUM) stood at KD1.0 bil­lion ($3.3 bil­lion). Dur­ing the first half, the real es­tate as­set man­age­ment team closed two ac­qui­si­tions and place­ment in the United King­dom in­volv­ing equity rais­ing of GBP28 mil­lion. Sev­eral funds man­aged by the Com­pany out­per­formed their re­spec­tive bench­marks and peers.

Dur­ing H1 2017, the In­vest­ment Bank­ing team gen­er­ated KD0.4 mil­lion ($1.4 mil­lion) rev­enues from three man­dates, rang­ing from ad­vi­sory to M&A man­dates. The team is cur­rently work­ing on sev­eral re­gional man­dates and has an in­ter­est­ing pipe­line of M&A and ad­vi­sory man­dates. On the bro­ker­age front, Global made fo­cused ef­forts to grow the in­sti­tu­tional bro­ker­age busi­ness and take ad­van­tage of high dou­ble-digit in­crease in mar­ket turnover. Dur­ing H1 2017, Bro­ker­age fee rev­enues stood at KD0.5 mil­lion ($1.7mil­lion). The Com­pany’s co-in­vest­ments in its own funds and other prin­ci­pal in­vest­ments gen­er­ated KD1.80 mil­lion ($5.9 mil­lion) of re­al­ized gains, div­i­dend in­come and fair val­u­a­tion gains.

Fol­low­ing the an­nual general meet­ing and the ex­tra-or­di­nary general meet­ing of the share­hold­ers held on 22 June 2017, we have re­cently com­pleted var­i­ous le­gal and reg­u­la­tory for­mal­i­ties as­so­ci­ated with a KD22.9 mil­lion ($75.6 mil­lion) cap­i­tal re­duc­tion to be im­ple­mented by can­celling 229 mil­lion shares (around 29.14 per­cent of the num­ber of shares owned by each share­holder ex­clud­ing trea­sury shares) and pay­ing 100 fils or par value per share in lieu of each can­celled share to share­hold­ers reg­is­tered on 2 Au­gust 2017. The cash dis­tri­bu­tion to share­hold­ers through cap­i­tal re­duc­tion has been fa­cil­i­tated by the com­pany’s healthy cap­i­tal struc­ture in­volv­ing ad­e­quate cap­i­tal, suf­fi­cient liq­uid­ity and no debt.

Hareb Al-Dar­maki, Chair­man of the Board of Di­rec­tors, said: “The Com­pany pro­duced ex­cel­lent fi­nan­cial re­sults dur­ing the first half, re­port­ing a many fold in­crease to the net profit. Con­tin­ued prof­itabil­ity of As­set Man­age­ment busi­ness re­sulted from ef­fec­tive im­ple­men­ta­tion of our strate­gies and pos­i­tive sen­ti­ment in the re­gional equity mar­kets.”

Ab­dul Wa­hab Al-Hal­abi, Di­rec­tor & Chief Ex­ec­u­tive Of­fi­cer, com­mented: “We are de­lighted by these fi­nan­cial re­sults, which re­flect the Com­pany’s ro­bust busi­ness model and trust of our clients and stake­hold­ers in the Com­pany.”


Fishing boats head out to sea on the first day of the fishing sea­son in Lianyun­gang, in China’s east­ern Jiangsu prov­ince yes­ter­day. The fishing sea­son opened after a three-month Summer Fishing Mora­to­rium.

Ab­dul Wa­hab Al-Hal­abi

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.