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
More Finance & Capital Market Stories
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia