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KAMCO logs KD 724,000 H1 profit – Revenue jumps 58 pct to KD 3.8 million

Faisal Mansour Sarkhou, KAMCO CEO
Faisal Mansour Sarkhou, KAMCO CEO

KUWAIT CITY, Aug 15: KAMCO Investment Company today reported its financial results for the first half ended June 30, 2016. The Company recorded a net profit of KD 724 thousand with earnings-per-share (EPS) of 3.04 fils in H1 2016, compared to a net profit of KD 145 thousand with EPS of 0.61 fils during the same period in 2015. Revenue stood at KD 3.9 million against KD 3.1 million during the same period in 2015. Fee income reached KD 3.8 million, a jump of 58% from KD 2.4 million achieved in H1 2015.

KAMCO maintained its leadership position in publicly announced debt market issuances in Kuwait – acting as JLM in capital boosting Tier 2 issuances from Burgan Bank, Gulf Bank and Kuveyt Turk. On the Asset Management side, despite continued decline in regional equity markets, assets under management stood at KD 3.3 billion with new money raised in funds and client portfolios.

KAMCO Real Estate Yield Fund, KAMCO’s flagship product in the real estate space, was able to increase its size by 195%, returning 7.4%, since inception. The Fund distributed USD 10 cents per unit for the second quarter, with total distribution to investors reaching 2% during the year.

Commenting on the results, Faisal Mansour Sarkhou, CEO of KAMCO, said, “2016 has been so far a challenging year with high oil price volatility that declined to levels not seen over the past 14 years. This had a direct impact on capital markets and the GCC markets which remain largely oil dependent economies. Furthermore, uncertainties related to BREXIT and its impact on the gulf economies as well as the geopolitical situation further added to market pressure.

Despite these challenges, we at KAMCO were able to grow operationally with our commitment to provide our clients with prudent and innovative products and services, continuing to position ourselves as the preferred Asset Management and Investment Banking provider.” 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). KAMCO was listed on the Kuwait Stock Exchange (KSE) in 2003. After many 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 main activities are Investments and Asset Management. Its Investments Division specializes in different sorts of investments, financial and advisory services, and investment research which tracks the latest directions and trends across regional and local economies as well as equity markets.

With regards to the Asset Management Division, its activities concentrate on providing customized portfolio management, access to IPOs, and local and international fund management in addition to maximizing returns, mitigating risks, and maintaining capital appreciation for individual and institutional clients.

All of the above operate within the spirit of transparency and exclusivity with the client’s best interests at heart. 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.

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