KAMCO announces Q1 financial results for 2018
Fee income rises 9.3% to KD 1,624,614
KUWAIT CITY, May 15: KAMCO Investment Company, a leading investment company with one of the largest AUMs in the region, announced its financial results on Tuesday for the first quarter ended March 31, 2018.
The Company reported revenues of KD 2,088,108 in comparison to KD 2,291,618 for the same period in 2017. However, fee income reached KD 1,628,614, an increase of 9.3% from KD 1,490,009 achieved during the same period in 2017. Net profit attributable to the equity holders of the Company for the period stood at KD 101,260 in comparison to KD 285,992 in 2017 during the same period. Earning-per-share (EPS) for the period is 0.43 fils, compared to 1.20 fils in 2017.
Commenting on the results, Faisal Sarkhou, Chief Executive Officer of KAMCO, said, “The increase in fee income is due to the addition of quality Assets Under Management and our active role in the debt capital market by concluding successful issuances. We are currently working on several key transactions that will further cement and solidify KAMCO’s role in the market while building upon our strong track record. The Firm will continue to provide access to various diverse financial instruments that will help strengthen the local and regional debt capital markets.”
Sarkhou continued to say that the
Faisal Sarkhou, KAMCO CEO
funds and portfolios under management are performing well in the market and KAMCO will continue to enhance them to outperform their benchmarks. The Company also plans to expand its operations while searching for the best investment opportunities that will greatly benefit clients and shareholders. It is also worth mentioning that KAMCO has recently received a ‘BBB’ rating by Capital Intelligence.
Sarkhou also said, “GCC markets reported mixed performance during the first quarter which was in line with global markets. The US and China trade concerns, rising interest rates and dividend announcements had their effect, while investors remained concerned with geopolitical issues that resulted in a decline in trading activity during the quarter.”