KUWAIT: Global Investment House (“Global” or the “Company”), a regional asset management & investment banking firm headquartered in Kuwait, with offices in major capital markets in the MENA region, yesterday announced its financial results for the year ended 31 December 2015 reporting a net profit of KD6.6 million ($21.7 million) and earnings per share of 8 Kuwaiti fils.
Key points of the results:
* 2015 net profit of KD6.6 million ($21.7 million), a marginal increase over 2014 net profit of KD6.5 million ($21.4 million) despite adverse market conditions.
* 2015 revenues of KD16.4 million ($54.0 million); 75 percent are generated from fee-based businesses.
* Fee-based businesses (asset management, investment banking and brokerage) generated revenues of KD12.3 million ($40.6 million).
* Global board proposes 5 percent cash dividend (5 Kuwaiti fils per share), subject to shareholders’ and regulatory approvals.
During 2015, the Asset Management business remained resilient with KD1.1 billion of assets under management. Our asset management teams remained focused on launching products and services best suited to our clients’ investment needs offering recurring income / yield accompanied with low volatility. During the year, the Company raised approximately $160 million of new money in various strategies, including income-yielding UK real estate, cash management, listed equities and special situations assets. Several funds managed by the Company outperformed their respective benchmark indices and peers. In addition, our Special Situations Asset Management team signed a portfolio management agreement with one of the Kuwaiti banks to manage its portfolio of special situation assets worth $34 million.
