KAMCO Reports Strong Half Yearly Results & Positive Outlook
• Half yearly profits jumped by almost 23% to KD 10.5 million compared to 2007
• Total revenues rose by more than 11% to KD 17.6 million from last year
Kuwait City, 28th July 2008 – KIPCO Asset Management Company (KAMCO), a leading Kuwaiti asset management and financial services company, has continued its growth spurt by demonstrating strong financial half yearly results for 2008.
KAMCO’s first half year net profits in 2008 have jumped by 22.83% to KD 10.5 million, representing 40.6 fils per share, which compares favourably to the results for the same period in 2007, which were KD 8.6 million or 33.1 fils per share.
KAMCO demonstrated continued strong growth for the first half of 2008 despite volatile market conditions in the first quarter of the year. However, market conditions in the second quarter were more stable and conducive to KAMCO realizing its market potential.
Consequently, KAMCO was able to achieve total revenues of KD 17.6 million, up from KD15.7 million normalized revenues in the same period last year. This was due again to strong contributions from investment/trading income, corporate finance and growing fees and commissions from its growing assets under management.
KAMCO’s total shareholders’ equity rose by 14% to KD 118 million in the first half of 2008, compared to KD 103.6 million in the same period last year. Total company assets also increased by a significant 28% to KD 212 million, compared to KD 165 million in the same period of last year.
KAMCO Chairman Masaud Hayat said: “I am very pleased by these results which reflect the dedication and expertise of our professional team and the support we have been given by our shareholders, partners and clients. I am confident that we are on the right path towards achieving continued strong returns for our shareholders and clients and look forward to a positive performance in the second half of 2008 as well.”
