National Investments Company holds its Annual General Assembly

KUWAIT: National Investments Company (NIC) held its Annual General Assembly Meeting yesterday at NIC’s premises Khaleejia Complex with an attendance quorum of 80.334 percent Hamad Al-Ameeri, NIC’s Chairman, headed the meeting and presented the Board of Directors’ Report for the year 2017 to the shareholders in attendance. In his report, Al-Ameeri noted that 2017 is characterized by return of confidence as the performance of Boursa Kuwait in 2017 was active compared to the performance of 2016. This volatility was the driving force behind NIC achieving significant investment achievements during 2017.

He further asserted that with regards to the financial results of the company, Total Revenues amounted to KD 20.839 million, compared to year 2016 Total Revenues amounted to KD 10.613. While Total Expenses and Precautionary Provisions was KD 9.828 million in 2017, comparatively, 2016 Total Expenses and Precautionary Provisions amounted to KD 13.674.

Those figures signified a basic and diluted profit of 12 fils per share of the parent company’s shareholders, compared to the basic and diluted loss of 5 fils per share of the parent company’s shareholders for the year 2016. Whereas, the company achieved net profits of KD 10.307 million during 2017 in comparison with a loss of KD 3.978 million in 2016 representing an increase of 359 percent.

Al-Ameeri further added that assets under management have exceeded KD 1.022 billion by end of year 2017. This increase is a true depiction and reflection of investors and clients’ trust and confidence in the professionalism of NIC’s team and its preparedness to handle varied market conditions competently and conservatively which resulted in increasing clients’ assets values.

During 2018, Al-Ameeri further asserted that NIC’s executive management is adamant to increase its operational profits by concentrating on key investment activities and asset management services, through searching for new investment opportunities locally, regionally and internationally. Additionally, NIC intends to launch new financial products and tools in the local market, thereby diversifying income streams and improving the financial results during this year.

The AGM further discussed and approved all items on the agenda including the distribution of cash dividends 7 percent. AlAmeeri adjourned the meeting by expressing the Board of Directors’ appreciation to NIC’s staff for their hard work and devotion during 2017.

Finally, Al-Ameeri expressed his sincere gratitude to all supervisory authorities for their exceptional roles in pushing forward the rudder of development.