KUWAIT: KAMCO Investment Company K.S.C. (Public), a leading investment company with one of the largest AUMs in the region, announces its financial results for the year ending 31 December 2017. The Company recorded a net revenue of KD 9.61 million, an increase of 16 percent as compared to KD 8.29 million in 2016. Net profit attributable to the equity holders for the year stood at KD 1.14 million, compared to last year’s profit of KD 1.27 million. KAMCO recorded earnings per share of KD 4.80 fils, compared to KD 5.36 fils in 2016. Fee Income reached KD 7.0 million, an increase of 9 percent from KD 6.4 million achieved in 2016. KAMCO’s Assets Under Management (AUM) increased in 2017 to KD 3.37 billion, in comparison to KD 3.20 billion during the same period in 2016.
Faisal Sarkhou, Chief Executive Officer of KAMCO, said, “The year started on a positive note with Kuwait and Saudi Arabia reaching multi-month highs, continuing the momentum seen during late 2016. Kuwait capital markets also managed to gain momentum with the positive sentiments surrounding the FTSE qualification, which has helped push the market higher. Oil prices also reached multi-month highs by the end of 2017 led by the extension of the ongoing oil production cut pact that should augur well for GCC economies.”
Commenting on the results, Sarkhou added, “During 2017, KAMCO achieved several significant milestones in addition to the Firm’s standard-setting and result-driven investment solutions for its clients. Our prudent investment philosophy, coupled with our leading-edge research driven approach resulted in KAMCO managing the top performing equity fund in Kuwait and the region, the KAMCO Investment Fund (“KIF”), as on 31st December 2017.”
He also added, “Through a strategic and diligent approach, KAMCO has also successfully completed several key real estate transactions, increasing the Firm’s international real estate portfolio to reach $263 million as of year-end. We have also successfully managed 3 major investment banking transactions amounting to over $1 billion.”
Looking ahead, Sarkhou mentioned that KAMCO will continue to integrate, optimize and further grow the Firm’s products and services on an international and regional scale, increasing KAMCO’s financial and strategic returns to support the diversification of the local Kuwaiti economy. Sarkhou also emphasized that KAMCO will continue to build on its progress into 2018 with the objective of identifying and executing attractive opportunities to its growing client base.