KAMCO posts 0.42m Kuwaiti dinar in net profit for of 2014

KIPCO Asset Management Company (KAMCO) announced Tuesday a net profits of KD 0.42 million for the second quarters of 2014.
In a press statement, the KAMCO reported an earnings-per-share (EPS) of 1.76 fils in the second quarter. Thus making the first half 2014 profit KD 1.3 million with earning-per-share (EPS) of 5.34 fils.
"The uncertainty in equity markets during the second quarter slowed down the progress in the AMIB domain across the region, but KAMCO continued to improve its core operational profits over the last year," CEO of KAMCO Faisal Mansour Sarkhou said in the statement.
"We are confident of our growth strategy that is based on our core AMIB business and are looking forward to an improved second half for the year." During the second quarter, equity markets became cautious due to regional political factors, however KAMCO continued to maintain the growth in AUM and registered an increase of 22 percent by Half Year 2014 over the previous year.
The new AUMs represented over 38 percent of the increase. KAMCO also launched its Real Estate Yield Fund with an initial subscription of over USD 20 million.
"We are continuing our efforts to launch new investment funds and are actively pursuing new investment banking deals which should yield consistent returns in the future," Sarkhou added. Established in 1998 with the mission to become a leading local and regional player, KAMCO is today one of the leading Kuwait based Investment Companies.
A subsidiary of United Gulf Bank (UGB) - the investment banking subsidiary of Kuwait Projects (Holding) Company (KIPCO) - KAMCO was listed on the Kuwait Stock Exchange (KSE) in 2003. KAMCO's main activities are in Asset Management and Investment Banking.
Over many years of conducting business in Kuwait's dynamic investment industry, KAMCO has established a robust reputation for performance, characterized by its prudent and conservative investment philosophy which has consistently commanded the goodwill of a wide client base.