Kuwait’s Global Investment House records $34 million in net profits
Kuwait’s Global Investment House announced net profits of 10 million Kuwaiti dinars ($34 million) for the nine-month period ending September 30, 2003, stated a press release.
Chairman of Global’s Board Anwar Abdulla Al-Nouri said that within the nine-month timeframe the firm reported revenues of KD 13.5 million, most of which was generated from non-capital risk income, representing 69 percent of the total revenues. The company reported KD 9.3 million in revenues generated from management fees and commissions.
Al-Nouri outlined that since the company's inception in 1998, Global has adopted a fee-based income strategy that has been the basis underlying the company's ability to earn stable earnings, despite capital market fluctuations.
Between January and September, the company introduced new investment funds, which include Global Local Fund and The Private Equity Fund. The company's growth was apparent in assets under management, which by September 30, reached over KD 640 million. Such growth came as a result of additional subscriptions in Global's pre-existing funds, collectively with the successful launch of new funds.
Additionally, Global was very active in reactivating the bond market. It has played a major role in several bond issues. The most recent issue was for Public Warehousing Company, amounting to KD 15 million. — (menareport.com)
© 2003 Mena Report (www.menareport.com)