Kipco Asset Management Company (Kamco) has posted a 57.31 per cent leap in the first quarter net profit.

The quarterly profit rose to KD 5.2 million ($19.44m), or 20.1 fils per share, in comparison to KD3.3 million or 12.8 fils per share durig the same period in 2007, the company said in a statement.

In a first quarter that saw high volatility and further disruption in the global markets, Kamco was able to realise the net income of KD5.2 million in the first quarter of 2008 – whereas the net income during the same period in 2007 included exceptional gains of KD13 million from the special sale of assets including Wataniya Telecom and United Fisheries, which resulted in higher net income figure of KD 16.3 million, it added.

Total revenues reached KD8.70 million, up from KD6.60 million normalised revenues in the same period last year, with strong contributions from investment/trading income, growing fees and commissions from assets under management.

Total shareholders’ equity increased 20pc to KD112 million, compared to KD 93.29 million in the same period last year. Total company assets also increased by 31pc to KD 201 million, compared to KD154 million in the same period of last year.

“The profits achieved were due to the company’s growing managed assets which increased to 47 million Kuwaiti Dinars, comparing favourably from Q1 results of 2007. Shareholders’ equity has also increased to KD18.7 million which reflect the company’s ability to grow under various economic conditions in a very competitive market and region,” said Kamco chairman Masaud Hayat.
 
“Kamco was able to achieve these outstanding results because of the dedication and cooperation of the whole team in pursuing the best options for our clients and our shareholders and thereby enabling Kamco to reach growth targets in spite of the challenges faced in the money markets in recent time,” said Hayat. – TradeArabia News Service