Blominvest Saudi posts $8m net profit
Riyadh, October 28, 2013
Blominvest Saudi Arabia, the investment arm of Blom Bank Group in the kingdom, said its net profit for the nine months ended in September 30, 2013 rose to SR30.6 million ($8.15 million).
Blominvest provides large companies with financial consultancy services on raising capital, issuing shares and bonds and listing them in the stock market, mergers and acquisition, financing, creating and launching investment funds through public or private offering, in addition to structuring investment services, wealth management and other investment and consultancy services.
Commenting on the results, CEO Abdullah Al Rashoud, said: "These results were due to increasing assets under management, reducing costs, restructuring of some departments and focusing on profitable activities, which increased the size of projects from SR280 million to nearly SR3 billion.
It also increased the size of funds from 4 to 10 funds in the current year, said the top Blominvest Saudi official.
Al Rashood asserted that the delivery of some of these funds projects will begin at the end of this quarter.
According to him, Blominvest was about to establish four real estate investment funds in the next six months worth over SR3.4 billion, where the contracts of these funds have been signed with major real estate development companies.
The Blom company was established in 2008 with a capital of SR100 million.-TradeArabia News Service