Global gains KD 243,000 net profit for Q1 2016

KUWAIT: Global Investment House Company announced yesterday it gained net profit of KD 243,000 for Q1 2016 period, ending on March 31. During 2015, the Asset Management business remained resilient with KD1 billion of assets under management, said the company in a press release. Global investment focuses on launching products and services best suited to the clients’ investment needs, it added.

During Q1 2016, the Investment Banking team generated KD 0.5 million revenues from five different mandates, ranging from advisory to M and A mandates, two of which were successfully closed during the quarter.

The Company’s continuous efforts to control and rationalize its cost base resulted in reducing operating cost base by 12 percent in the same time period, the report noted. Global has a healthy capital structure, conservatively deployed primarily in liquid and operating assets with no external debt and a capital base of KD 90.7 million, the company added. “It is expected that the instability in the region and low oil prices will last for some time, which will continue to have adverse effect on the regional equity markets, investment banking deal flows and new money raising efforts”, Vice Chairman and Group CEO Maha Al- Ghunaim said. She added that “we remain committed to continue creating value to all our stakeholders by offering investment products and services suitable for clients’ needs in these challenging times such as special situations asset management, low risk income generating investment instruments, among others”. — KUNA

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