Kuwait Financial Centre (Markaz) said its net profit soared to KD6.32 million ($23.6 million) with earning per share of 14 fils for the first quarter ending March 31 when compared to profit of KD7.65 million and an EPS of 16 fils last year.

Kuwait Financial Centre is one of the leading investment banking and asset management institutions in the Middle East.

Assets under management totalled $5.09 billion, while return on average equity reached 5.03 per cent and return on average ssets was 3.41 per cent. 

Diraar Y. Alghanim, chairman & managing director said GCC Markets continued its robust growth and strongly performed in Q1 2008, despite the slowdown witnessed by international markets.

'Yet Markaz achieved a sharp increase of 31 per cent in management fees & commission which reached to KD3.07 million for the quarter, whereas the returns on investments slightly declined from KD7.65 million in Q1 2007 to KD6.32 million in Q1 of this year,” he said.

Alghanim said Markaz had launched two new investment products in Q1. Markaz Islamic Income Fund, an open-ended Shari'ah compliant money market Fund and US Multifamily Realty Investment Unit IV, a $67.2 million Sharia'a-compliant fund which selectively invests in the development of apartment properties in the US.

Markaz is also in the final stages of launching a new emerging markets fund which invests in a portfolio of globally diversified equities with a focus on select themes”.
 
Alghanim said the first quarter marked the winning of two Lipper-Reuters Fund awards for best performance.

Markaz Fund for Excellent Yields 'Mumtaz' and Markaz Islamic Fund received awards for Best Equity Fund in Kuwait- 5 years and Best Islamic Equity Fund in Kuwait- 1 year, respectively.-TradeArabia News Service