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Kuwait City, Oct 31: In a meeting of its Board of Directors on 31 October 2023, Boursa Kuwait announced a net profit attributable to equity holders of the parent company of KD 12.60 million for the nine-month period ended 30 September 2023, which represented a decrease of 16.51% compared to the corresponding period in 2022. The decline in the net profit is mainly attributed to reduced total operating revenue as a result of lower trading activity.
The performance of the global markets continued to be adversely impacted by the geopolitical tensions and economic turmoil during 2023, with most of the GCC markets following suit despite rising oil prices. Amidst the turbulence, Boursa Kuwait promoted the Kuwaiti capital market to international investors comprising of renowned investment companies and financial institutions, enhanced market efficacy and transparency, facilitated access, and raised awareness of best-in-class standards and practices.
“Despite the global economic and geopolitical challenges, Boursa Kuwait has demonstrated remarkable resilience, consistently adapting to market volatility while upholding its strategic goals of enhancing market efficiency and adopting international standards,” remarked Boursa Kuwait Chairman Mr. Hamad Mishari Al-Humaidhi.
“Boursa Kuwait strengthened Kuwait’s position as a regional investment hub, building partnerships with global asset managers, communicating with global investors, and developing a strong, transparent capital market which is essential to the national economy and Kuwait’s vision. I thank the Board, Executive Team, and employees for their hard work and commitment, which ensured business continuity and operational robustness amid current challenges,” Al-Humaidhi added.
Boursa Kuwait and Kuwait Clearing Company (KCC) enhanced and facilitated investor access to the Kuwaiti capital market. KCC successfully automated several processes, including omnibus account splits for AGMs and digital AGM requests. It also introduced late confirmations for international investors, omnibus accounts, and foreign investor KYC through a global custodian, which are features exclusive to the Kuwaiti capital market in the region. Additionally, KCC ran stress tests for the CCP system to ensure that financial brokerage firms can meet settlement requirements with the Central Bank of Kuwait and local banks. Boursa Kuwait continues to work on launching ETFs and a bond and sukuk platform simultaneously with the CCP.
Boursa Kuwait CEO Mr. Mohammad Saud Al-Osaimi stated that the exchange is working with its partners to implement enhancements and regulatory projects, testing participants for readiness for new products and services that will boost the market’s attractiveness locally, regionally, and globally. The bourse is committed to attracting local and international retail and institutional investments, adopting best-in-class standards and practices.
Boursa Kuwait collaborates with partners to offer global tools and instruments, attract investors and investments, and improve efficiency and access. The company’s 10th Corporate Day, held with the GCC Exchanges Conference, brought “Premier” Market companies and global investment firms together to communicate with investors and highlight Kuwaiti market opportunities. Additionally, Boursa Kuwait and KCC recently concluded a London roadshow to showcase the market’s latest developments to prospective investors from investment advisories, asset management firms, and global financial institutions.
Additionally, the bourse organized an initiative to empower prominent Kuwaiti asset management companies to utilize new products and services from world-renowned investment banks as well as gain expertise and knowledge and explore opportunities to collaborate and contribute to the enhancement of the Kuwaiti capital market.
Financial Highlights for the period ended 30 September 2023
- Net profit was recorded at KD 12.60 million
- Earnings per share were recorded at 62.75 fils
- Total operating revenue came in at KD 22.50 million
- Operating profit came in at KD 14.79 million
- Total assets were recorded at KD 114.04 million
- Shareholders Equity (Attributable to equity holders of the Parent Company) was recorded at KD 61.03 million
Boursa Kuwait plays a pivotal role in the development of the Kuwaiti capital market and the diversification of the national economy and has remained steadfast in its dedication to establishing a transparent, efficient and advanced exchange platform, which has led to the creation of a liquid capital market. Since Boursa Kuwait took over operations of the national stock exchange, the Kuwaiti capital market has undergone an unprecedented development thanks to the diligent efforts of the capital market participants and apparatus. Their focus on empowering participants and raising standards has resulted in several key initiatives, including the diversification of products and services, establishing an appealing investment platform, expanding the issuer base, and adapting rules and regulations to meet market demands.The apparatus has also significantly enhanced the market’s infrastructure and fostered an attractive investment environment, which resulted in the Kuwaiti capital market’s reclassification to an Emerging Market by three prominent global index providers, and solidified Kuwait’s position as a leading financial center in the region.
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