KUWAIT CITY: KAMCO Investment Company yesterday reported its financial results for the third quarter ended September 30, 2016. The Company recorded a net profit of KD 890 thousand, with earnings-per-share (EPS) of 3.74 fils for the first nine months of 2016, compared to a loss of KD (736) thousand with EPS of (3.09) fils during the same period in 2015. Revenue stood at KD 5.6 million against KD 3.5 million during the same period in 2015. Fee Income reached KD 4.9 million, an increase of 36 percent from KD 3.6 million achieved in nine months of 2015.
Operationally, KAMCO’s assets under management stood at approximately KD 3.4 billion with new money raised in funds and client portfolios. KAMCO Real Estate Yield Fund, KAMCO’s flagship product in the real estate space, increased its AUM by 34 percent, distributing 3 percent during nine months.
Commenting on the results, Faisal Mansour Sarkhou, CEO of KAMCO, said, “So far, 2016 had been a year of uncertainties with Brexit, US elections and demanding investment environment in the region. Despite these challenges, we at KAMCO were able to grow operationally with our commitment to provide our clients with prudent and innovative products and services, emerging as one of the preferred Asset Management and Investment Banking providers locally and in the region.”
KAMCO Investment Company is a premier investment company, based in Kuwait with an office in the UAE and presence throughout the GCC region, regulated by the Capital Markets Authority with one of the largest private sector 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). It has become a leading regional company within its sector offering innovative products and services to its clients, holding over $11.2 billion of client AUM and has successfully completed 85 investment banking transactions worth over $12 billion as of 31 December 2015.
