KAMCO announces its financial results for the year 2016
Kuwait City, March 29th 2017: 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 December 31, 2016. The Company recorded a net profit of KWD 1,275,814, an increase of 144% compared with KWD 523,688 for 2015. Revenue for the year stood at KWD 8,293,232 with an increase of 13% as compared to KD 7,349,975 in 2015. KAMCO recorded earnings per share of KWD 5.36 fils, a 144% increase compared with KWD 2.20 fils for 2015.
Commenting on the results, Mr. Faisal Sarkhou, Chief Executive Officer of KAMCO, said, “During the first half of 2016, we witnessed a wave of volatility that was followed by an upsurge in developments during the last quarter of the year. This was triggered by key global events such as Brexit and the US elections, both of which led to unexpected outcomes in the global equities market. The OPEC and non-OPEC oil producers’ agreement to cut oil production further supported the GCC equity markets recovery during the last quarter, pulling the benchmark indices from the red and into the green.”
Mr. Sarkhou added, “KAMCO’s positive performance was further supported by an upward trajectory in the capital markets witnessed primarily towards the end of 2016. The latter was complemented by the Company’s prudent strategy to enhance the performance of its investment funds and its active role in the investment banking sector, particularly in the debt market, which further cemented our role as one of the leading investment firms.” He reiterated that the Company will continue to implement its robust strategy with a focus on maximizing returns for its valued investors and shareholders through capitalizing on significant investment opportunities, diversify its investment portfolio with an emphasis on generating attractive risk adjusted returns and participate in key transactions and acquisitions.
Looking ahead, Mr. Sarkhou said that positive sentiments towards stable economic and geopolitical conditions are expected to lead to improvements in market indices. He pointed that regulatory bodies, specifically the Capital Markets Authority will play a momentous role in boosting market performance and investor confidence, whilst driving higher levels of professionalism.