KAMCO Q1 net profit rises 21 pct
KUWAIT CITY, May 11: KAMCO today reported its financial results for the first quarter ended March 31, 2014. The Company recorded a net profit of KD 0.85 million with earnings-per-share (EPS) of 3.57 fils in Q1 2014, compared to a net profit of KD 0.70 million with EPS of 2.95 fils during the same period in 2013. Total Income stood at KD 2.5 million in 2014 as against KD 2.4 million in 2013.
During Q1 2014, KAMCO achieved 21% increase in Net Profits over the same period in 2013 with the ongoing improvement in Operational profits. All of KAMCO’s Managed Equity Funds achieved good returns during the quarter with KAMCO’s Assets Under Management (AUM) growing by 17% within the first
“Once again, we are still reaping the benefits of our focused execution of the two core elements of our strategy: Grow market share with profitability in the core market, and, diversify into faster growth markets. The quarters-to quarters trends confirm that we are achieving both.” Added Al-Ajeel
Majed Essa Al-Ajeel also said: “Our leading financial indicators continue to point to the right direction, Our regional operations remain profitable and contributing 47% to the group’s rev- Quarter, reaching KD 3.4 billion (KD 2.9 billion in 2013) compared to a growth of 20% in the entire year enues. I remain confident and optimistic of the group’s strong performance going forward.”
“On behalf of the board, I take this opportunity to thank our customers and shareholders for their confidence in our capabilities. I would also like to thank our executive management team for their leadership and the excellent execution of the corporate strategy, and to our staff for their continued support and commitment,” concluded Al Ajeel. 2013. The new AUMs represented over 44% of the increase.
On this occasion Mr. Faisal Mansour Sarkhou, CEO of KAMCO, said “we are pleased to continue our growth journey, especially by improving on the core business as we move forward. The benefits of our restructuring efforts have started showing as we gear ourselves for the capital market improvements in Kuwait, regionally and internationally”. Sarkhou added, “By continuing to increase our AUM and client base, combined with our proven long track record on providing financial solutions to our clients, we continue to strongly position ourselves as a leading investment company in Kuwait and the Region.”
The consolidated financials encompass the results of the Group’s operations in Kuwait, and its share from its regional subsidiaries, namely Jordan Kuwait Bank, Gulf Bank Algeria, Burgan Bank — Turkey, Bank of Baghdad, Tunis International Bank, in which Burgan Bank owns a majority stake. Burgan Bank Group has one of the largest regional branch networks with more than 233 branches across Kuwait, Turkey, Jordan, Algeria, Iraq, Tunis, Lebanon and Palestine.