KAMCO Investment Company posts KD 1.96m net profit for 2014

KAMCO Investment Company - KAMCO - has announced a Net Profit of KD 1.96 million, or 8.2 fils per share, for the year ended December 31, 2014.
The US dollar equals KD 0.298 for today's exchange rate.
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 CEO Faisal Sarkhoh said in a statement on Sunday.
The KAMCO achieved KD 5.1 million in Fee Income in 2014 compared to KD 5.3 million in 2013, he said, adding the company reduced its Debts by 17 percent to KD 24 million in 2014 compared to KD 29 million in 2013.
Despite market drops throughout the fourth quarter, KAMCO's total AUM increased to KD 3.5 billion (USD 12.2 billion) in 2014, compared to KD 2.9 billion (USD 10.1 billion) in 2013, registering an impressive growth rate of 23 percent, he noted.
He 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).