Global reports KD 5.8 mln fee revenues in first half of 2016 – Company posts KD 895,000 net profit

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Maha Al-Ghunaim
Maha Al-Ghunaim

KUWAIT CITY, Aug 17: Global announced its financial results for the first half ended June 30, 2016 reporting fee revenues of KD 5.8 million and net profit of KD 895,000 despite extremely challenging market environment and its adverse effect on the regional equity markets, investment banking deal flows and new money raising efforts.

During H1 2016, the Asset Management business remained resilient with KD 1.0 billion of assets under management. Our asset management teams remained focused on launching products and services best suited to our clients’ investment needs offering recurring income / yield accompanied with low volatility as an alternative to low interest rates.

Investment Banking team was mandated to assist clients in Kuwait, Saudi Arabia, Bahrain and Oman ranging from advisory to M&A mandates, two of which were successfully closed during the first half.

The Company’s continuous efforts to control and rationalize its cost base resulted in reducing our operating cost base by KD 0.929 million in H1 2016 to reflect the current market environment. Global has a healthy capital structure, conservatively deployed primarily in liquid and operating assets with no external debt and a capital base of KD 87.5 million.

Maha Al-Ghunaim, Vice-Chairman & Group CEO, said: “These results reflect the challenges the markets are witnessing especially in the MENA region including falling oil prices, geopolitical conflict in the region and economic instability in the euro zone.

Despite the expectations that such challenges will last for some time, we remain committed to continue creating value to all our stakeholders by offering investment products and services suitable for clients’ needs in these challenging times.”

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