Kamco's Q3 profit up 41pc
Kuwait City, October 29, 2008
Kipco Asset Management Company (Kamco), one of Kuwait's premier asset management and financial services company has posted a third quarter net profit of KD20.6 million ($76.7 million), a jump of 41 per cent over the same period a year ago.
Kamco reported total Q3 revenue of KD31.4 million, up from KD24.7 million normalised revenues in the same period last year, a 27 per cent increase.
In a year marked by high volatility in global markets, Kamco's performance exceeded industry norms and Kamco remains well-placed to record good results for the full year 2008 on a relative and absolute basis.
Total shareholders' equity in Q3 of 2008 improved 8 per cent to KD120 million, compared to KD111 million in the same period last year.
Total company assets also rose by 15 per cent to KD212 million, outpacing the KD184 million posted in the third quarter of last year.
'The strong growth achieved in this year's third quarter is a testament to our ability to operate effectively under various economic conditions and is emblematic of our dedication to consistently produce profitable results for our shareholders.
'Kamco is poised to attain a leading position in the fields of investment banking & asset management in the Mena region and the strong performance we have achieved since the beginning of the year reflects our team’s sterling efforts and deep professional expertise,' Kamco chairman Masaud Hayat said.
'Kamco was able to achieve these strong results, based on the dedication and cooperation of all our departments in pursuing the best options for our clients and our shareholders and enabling us to continue to perform well during the current global credit crunch, although, in common with many others, we remain very cautious on the performance of global, regional and local capital markets in the final quarter of 2008,' Hayat added. - TradeArabia News Service