Kuwait- Markaz announces net profit of KD2.88 mln for 2015
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT March 1 (KUNA) -- Kuwait Financial Center "Markaz" announced net profits attributable to shareholders of KD 2.88 million with an earnings per share of six fils as compared with a 2014 net profit of KD 4.02 million with an earning per share of eight fils.The total assets under management reached KD 1.03 billion as of December 31st 2015 said Markaz in a statement on Tuesday. The quick ratio was at 42.17 percent versus the CBK mandate of a minimum of 10 percent it added. These percentages reflect Markaz's ability to maintain a highly liquid and flexible balance sheet in order to achieve sustainable results.In December 2015 Capital Intelligence (CI) an international rating agency affirmed Markaz's bonds as BBB with "Stable" outlook. CI attributed the rating to the Company's low leverage diversified investments holdings sustained growth of revenue from its asset management activities and the increasing contribution and promising prospects of its direct real estate investments. The rating also reflects Markaz's well-established franchise and its conservative business model. The bond will mature in December 2016 and Markaz enjoys sufficient liquidity to repay the bond and a number of options to refinance the repayment of the bond.The company's performance continued to attract recognition from experts in the region's financial industry in 2015. Markaz was awarded "Best Equity Manager in Kuwait" by Global Investor for the sixths consecutive year and "Best Asset Manager in Kuwait" from EMEA Finance. Markaz was also recognized twice in 2015 as "Best Investment Bank in Kuwait" by Global Finance and EMEA Finance.(end) mar.ht.tb.ag
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