KUWAIT CITY, Nov 7: KIPCO Asset Management Company (KAMCO), one of Kuwait’s premier asset management and financial services company, has posted a 92.7% gain in the 2010 third quarter net profit, posting a net profit of KD 1.69 million, or 7.1 fils per share. This figure exceeds the Q3 results of 2009, which were KD 0.88 million, or 3.5 fils per share.
KAMCO reported total Q3 revenue of KD 8.16 million in 2010. Total shareholders’ equity in Q3 totaled to KD 87.82 million, where total company assets amounted to KD 171.57 million during the same period.
On this occasion, KAMCO Managing Director and CEO, Sadoun Abdullah Ali commented, “Our KAMCO achievements serve as success indicators which are reflected through the growth in financial performance in spite of the challenging economic conditions. These positive results could not have been accomplished without KAMCO’s methodology of human resource development which aims to enhance its employees’ competencies and performance level in order to excel.” He also added, “KAMCO continues its success journey which commenced in the beginning of 2010 and has witnessed numerous financial achievements and developments in the first nine months.

Some of these are the successful completion of a KD 40 million ($140 million) local bond issuance by United Real Estate Company (UREC), in which KAMCO and NBK Capital acted as Joint Lead Managers, and the launch of a partnership between Kuwait Projects Company (Holding) ‘KIPCO’ and Fairfax Financial Holdings. These accomplishments have begun to mark signs of profitability, as we are very optimistic about the growing demand in our investment products and services, and will aim to seize attractive investment opportunities which have emerged in this last period during the market recovery, coupled with our high performance level and gained investor confidence. I would also like to reflect our team’s sterling efforts and deep professional expertise which have greatly contributed to our high standing in the investment market.”
Established in 1998 with the mission to significantly alter the local and regional investment landscape, KAMCO is a premier investment company based in Kuwait. A subsidiary of United Gulf Bank (UGB) - the investment banking subsidiary of Kuwait Projects (Holding) Company (KIPCO) - KAMCO was listed on the Kuwait Stock Exchange (KSE) in 2003.

After eleven years of conducting business in Kuwait’s dynamic investment industry, KAMCO has successfully established a robust reputation for solidity, characterized by its prudent, conservative investment philosophy which has consistently commanded the goodwill of a wide patron-base.
KAMCO’s Asset Management Division specializes in customized portfolio management, forward trading, access to IPOs, and local and international fund management. The Investment Advisory and Research Division tracks the latest directions and trends across regional and local economies as well as equity markets and offers a range of customized services that focus on maximizing returns, mitigating risks, and maintaining capital appreciation for individual and institutional clients. The Company’s Financial Services and Investment Division offers a full range of advisory services on mergers and acquisitions, underwriting, private placements, debt issuance and restructuring, and private equity management.
In 2010, the Company will further aggressively build upon its core competencies to offer MENA-wide investment management consultancy and services, backed by its proven track-record in stringent risk mitigation, investment product innovation, and a cautious investment approach towards local, regional and international capital markets.