KAMCO earns 2.28m Kuwaiti dinar

KAMCO, KIPCO Asset Management Company, on Monday reported its third quarter financial results for the period ending September 30, 2014.
The Company recorded a net profit of KD 2.286 million for the nine months ending September 2014 compared to KD 2.068 million reported during the same period last year, reflecting an 11% growth. EPS (earnings per share) rose from 8.66 to reach 9.58 fils during this period.
AUM (assets under management) grew by 24% to reach KD 3.584 billion as at the end of Q3 2014 against KD 2.879 billion at the end of Q3 2013. The new AUMs represented over 39% of the increase during 2014.
Among its investment funds, the KAMCO GCC Opportunistic Fund out of Bahrain achieved returns of over 40% during the year, and the newly launched KAMCO Real Estate Yield Fund started its operations creditably with an AUM of approximately USD 28 Million. During the quarter, KAMCO also obtained approvals from the Capital Markets Authority Kuwait (CMA) for its KAMCO MENA Plus Fixed Income Fund which will be launched shortly.
Faisal M. Sarkhou, CEO of KAMCO, said, "We are pleased to achieve the growth in net profit and AUM during 2014, despite the volatility across equity markets during the last two quarters. To diversify our asset management activity beyond equity markets, KAMCO has forayed into new asset classes for its managed funds such as with the real estate and fixed income funds.
"We continue to improve performance across all segments of the business, while increasing our efforts to provide diverse investment opportunities to our clients through our existing and new multi-asset-class funds. With our progressively resourced team, KAMCO is on the right track to position itself as a key AMIB player in the region."