Global Investment House “Global” announced a net profit of around KD20 million (USD68 million) for the 1st Quarter of 2006, which translates into an EPS of 34 fils compared to 20 fils recorded in 1st Quarter 2005.
The quarter’s total revenues are about KD 26 million with an increase of 109% compared to the same period of last year. Net profits during the same period last year stood at KD9.8 million (USD33.7 million) and total revenues at KD12.5 million.
Mr. Anwar Abdulla Al-Nouri, Global Chairman said, “The first quarter have seen many vital operations, raising the assets under management to KD1.84 billion (USD6.3 billion). They encompassed a number of investments in the local and regional markets in addition to a positive performance by Global investment funds and portfolios, despite the negative turn witnessed by many regional markets.”
During the past quarter, Global launched the Energy, Petrochemical, and Downstream Industries Fund (EPADI) that aims to capture lucrative investment opportunities in energy, petrochemical and downstream industries companies present in the region.
Global also managed the capital increase of Kuwait Energy Company KSCC (KEC) to KD50 million through the issuance of 490 million shares at 109.5 fils per share for those interested in the energy sector. The company aims to benefit from the vast investment opportunities that have been available in the oil and gas sector in the Middle East, Africa and Central Asia region.
The company acted as a co-manager and co-underwriter on the IPO syndicate of Ithmaar Bank. The deal offered 150 million shares at the price of USD2.25 per share to investors between February 19 and March 12, 2006 and is expected to be listed on The Bahrain Stock Exchange and the Kuwait Stock Exchange in the second quarter 2006.
In addition, Global acted as a listing advisor for PWC Logistics Company and Al Mazaya Holding Company, a Kuwait based companies seeking to list on the Dubai Financial Market (DFM). PWC listed on Wednesday February 15th, while Mazaya stock commenced trading on the 20th of the same month.
On the strategic investment front that began early 2004, Mr. Al-Nouri pointed that Global signed a memorandum of understanding for a 30% stake in Palestine Investment Company (PRICO) of Palestine in January in which Global acquires a stake in the capital increase from Jordanian Dinar 22.5 million (JD) to JD50 (KD20.6 million).
Global received “The Deal of the Year” award from the magazine "The Banker," one of the Financial Times business publications. Global took the award for its role as co-lead manager in the Initial Public Offering (IPO) for Investcom Company late in 2005. The deal was the largest international equity offering ever by a Middle Eastern company and the first to list on Dubai based stock exchange and Dubai International Financial Exchange (DIFX).