KAMCO Report Continued Strong Financial Growth in First Quarter Results of 2008
• Q1 profits jumped more than 57% to KD 5.2 million compared to 2007
• Total revenues reached KD 8.70 million – up more than 30% compared to 2007 figures
KIPCO Asset Management Company (KAMCO), one of Kuwait’s premier asset management and financial services company, has posted a 57.31% leap in 2008 first quarter net profit to KD 5.2 million, or 20.1 fils per share, comparing favorably with Q1 results of 2007, which were KD 3.3 million or 12.8 fils per share, indicating a continued strong performance following on from 2007.
In a first quarter that saw high volatility and further disruption in the global markets, KAMCO was able to realized the net income of KD 5.2 million in Q1 of 2008 – whereas the net income in Q1 of 2007 included exceptional gains of KD 13 million from the special sale of assets including Wataniya Telecom and United Fisheries, which resulted in higher net income figure of KD 16.3 million.
Total revenues reached KD 8.70 million, up from KD 6.60 million normalized revenues in the same period last year, with strong contributions from investment/trading income, growing fees and commissions from assets under management.
Total shareholders’ equity in Q1 of 2008 increased 20% to KD 112 million, compared to KD 93.29 million in the same period last year. Total company assets also increased by 31% to KD 201 million, compared to KD 154 million in the same period of last year.
KAMCO Chairman Masaud Hayat said: “The profits achieved were due to the company’s growing managed assets which increased to 47 million Kuwaiti Dinars, comparing favourably from Q1 results of 2007. Shareholders’ equity has also increased to 18.7 million Kuwait Dinars which reflect the company’s ability to grow under various economic conditions in a very competitive market and region”
Mr. Hayat added, “KAMCO was able to achieve these outstanding results because of the dedication and cooperation of the whole team in pursuing the best options for our clients and our shareholders and thereby enabling KAMCO to reach growth targets in spite of the challenges faced in the money markets in recent time.”
KAMCO is one of the region’s leading corporate finance and investment banking advisors. KAMCO Corporate Finance has an extensive track record of successfully completed assignments that were targeted towards its diverse and sophisticated client requirements and expectations.
