KUWAIT: KAMCO Investment Company (KAMCO) has announced a net profit of KD 1.96 million, or 8.2fils per share, for the year ended December 31, 2014. The company’s Board of Directors is recommending a cash dividend of 5 percent (or 5 fils per share), subject to the approval of regulatory authorities and the company’s general assembly. KAMCO achieved KD 5.1millionin fee income in 2014 compared to KD 5.3 million in 2013.
The company reduced its debts by 17percent to KD 24 million in 2014 compared to KD 29 million in 2013. Core Operational Profits continued to grow in 2014 compared to 2013. Overall profitability levels (KD 3 million in 2013) was affected in 2014 due to the significant fall in oil prices during the fourth quarter of the financial year, affecting investor sentiment and equity markets across the MENA region. Despite market drops throughout the fourth quarter, KAMCO’s total AUM increased to KD 3.5 billion ($12.2billion) in 2014, compared to KD 2.9 billion ($10.1 billion) in 2013, registering an impressive growth rate of23percent.
Commenting on the results, Faisal M Sarkhou, CEO of KAMCO, said, “Although the end of 2014 was undermined by the sudden and severe fall in oil prices which affected the investment sector, where security markets tumbled in the region, KAMCO was able to successfully close several IB deals and offering innovative products and services for its clients”. KAMCO Investment Company is a premier investment company based in Kuwait that is regulated by the Capital Markets Authority with one of the largest AUMs in the region. Established in 1998 and listed on the Kuwait Stock Exchange (KSE) in 2003, KAMCO is a subsidiary of United Gulf Bank (UGB) and the asset management and investment banking arm of Kuwait Projects Holding Company (KIPCO).
It has become a leading regional company within its sector offering innovative products and services for its clients, holding over $12 billion of client AUM and over 82 of successfully completed investment banking transactions worth over $12 billion as of 31 December 2014. After many years of conducting business in Kuwait’s dynamic investment industry, KAMCO has successfully established a robust reputation for solidity, characterized by its prudent, conservative investment philosophy and spirit of transparency which has consistently commanded the goodwill of a wide patron-base. The company will further aggressively build upon its core competencies to offer MENA-wide investment management consultancy and services, backed by its proven track-record in stringent risk mitigation, investment product innovation, and a cautious investment approach towards local, regional and international capital markets.
