KCIC to retain 2012 profits of $18m
Kuwait, April 24, 2013
Kuwait-based KCIC, which specializes in investments across Asia, has closed 2012 with a net profit of KD5.23 million ($18.3 million), but said will retain earnings and not issue dividends.
The firm today held its Annual General Meeting of shareholders (AGM), where the majority of shareholders agreed with the board’s recommendation to retain earnings.
Chairman Dhari Ali Al Bader said at the AGM: “Our core strategy of building around the Asian growth phenomena and providing investors access to these exciting and rewarding markets is supported by the persistent and above par performance of the Asian equity markets, compared to their global peers, with the MSCI Asia (excluding Japan) delivering a respectable 19.42 per cent, mainly contributed by the Chinese and ASEAN markets.”
“As for KCIC, eight of its ten equity strategies have outperformed their respective benchmarks in 2012, thereby solidifying our track record.
“Moreover, two of our funds in particular, White Tiger and Gateway, achieved top decile performances beating their respective benchmarks by a healthy 20 percent. This success was further confirmed as the firm’s assets under management grew with the addition of new clients,” he added.
KCIC had closed 2012 with earnings per share of 6.69 fils.
The company’s total assets stood KD95.49 million at year-end. During the year, the company launched the first Shariaa Compliant Islamic Trade Finance Fund, which is focused on financing trade flows in Asia and the Middle East under Shariaa Murabaha structures.
The company opened a Hong Kong office in 2012 with a full-fledged investment team, while also expanding its operations in Dubai during the year. – TradeArabia News Service