KAMCO announces its financial results for H1
Co posts KD 375,364 net profit, revenue of KD 4.7m
KUWAIT CITY, July 30: KAMCO Investment Company K.S.C. (Public), announces its financial results for the period ended on June 30, 2017. The Company recorded a net profit of KD 375,364 thousand with earnings-per-share (EPS) of 1.58 fils for the first half of 2017. Revenue reached KD 4.7 million, an increase of 18% compared to KD 3.9 million during the same period in 2016.
Total assets under management (AUM), reached KD 3.2 billion, with new money raised in funds and client portfolios.
Chief Executive Officer of KAMCO, Faisal Mansour Sarkhou, said, “KAMCO continues to enhance its operational performance strategy while capturing income-generating opportunities, benefiting both shareholders and investors.”
“These strategic actions were reflected in the performance of our investment funds, more specifically, the KAMCO Investment Fund (“KIF”), ranked as the best performing fund in Kuwait since the beginning of 2017, rose a notable 16% during the first half of the year based on the active and dynamic management of the fund; also KAMCO Real Estate Yield Fund, KAMCO’s flagship product in the real estate space, distributed $20 cents per unit during the period.”
Sarkhou added that in addition to the Company’s prominent funds, KAMCO acquired Amazon UK Services Ltd.’s largest distribution warehouse for approximately GBP61 million. During the first half of 2017, the Company also acted as Qurain Petrochemical Industries Company KSCP (“QPIC”) acquisition advisor in successfully acquiring 20.5% of National Petroleum Services Company KSCP (“NAPESCO”), in addition to acting as one of the Joint Lead Managers and Book Runners for Warba Bank K.S.C.P’s (“Warba”) Tier 1 Basel III compliant $250 million sukuk issuance.