Global posts KD 243,000 net profit in Q1

Company’s investment banking team generates KD 0.5mn revenues in first quarter

KUWAIT CITY, May 26: Global Investment House (“Global” or the “Company”), a regional asset management & investment banking firm headquartered in Kuwait, with offices in major capital markets in the MENA region, announced its financial results for the quarter ended 31 March 2016 reporting a net profit of KWD 243 thousand despite extremely challenging market environment.

During 2015, the Asset Management business remained resilient with KD 1 billion of assets under management. Our asset management teams remained focused on launching products and services best suited to our clients’ investment needs offering recurring income/yield accompanied with low volatility. Global currently manages several funds and portfolios with various strategies and asset classes, most of which have outperformed their benchmarks.

During Q1 2016, the Investment Banking team generated KD 0.5 million revenues from five different mandates, ranging from advisory to M&A mandates, two of which were successfully closed during the quarter.

The Company’s continuous efforts to control and rationalize its cost base resulted in reducing our operating cost

Maha Al-Ghunaim, Vice-Chairman & Group CEO of Global Investment

House.

base by 12% in Q1 2016.

Global has a healthy capital structure, conservatively deployed primarily in liquid and operating assets with no external debt and a capital base of KWD 90.7 million.

Maha Al-Ghunaim, Vice-Chairman

Facade of Global head office

& Group CEO, said: “It is expected that the instability in the region and low oil prices will last for some time, which will continue to have adverse effect on the regional equity markets, investment banking deal flows and new money raising efforts.”

She added: “We remain committed to continue creating value to all our stakeholders by offering investment products and services suitable for clients’ needs in these challenging times such as special situations asset management, low risk income generating investment instruments, among others.”