Global Investment House reports $42 million net profits for 2003
Global Investment House reported 12.5 million Kuwaiti dinars ($42.3 million) in profits for 2003. The board has approved to recommend to the annual general meeting to distribute 30 percent as cash dividends and 30 percent as stock dividends.
The company attributes the majority of the profits to a stable source of income including fees and commissions, which represented 67 percent of the total revenues for the year that reached KD 18 million.
Growth was also well demonstrated in its assets under management, which grew to more than more than KD 704 million. Such growth came as a result of additional subscriptions in Global’s pre-existing funds, collectively with the successful launch of new funds such as Global Increasable Guaranteed Fund, Global Kibor Plus Fund and the Direct Investment Fund. — (menareport.com)
© 2004 Mena Report (www.menareport.com)