(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Aug 15 (KUNA) -- KAMCO Investment Company on Monday reported its financial results for the first half ended June 30, 2016.
The Company recorded a net profit of KD 724 thousand with earnings-per-share (EPS) of 3.04 fils in H1 2016, compared to a net profit of KD 145 thousand with EPS of 0.61 fils during the same period in 2015. Revenue stood at KD 3.9 million against KD 3.1 million during the same period in 2015. Fee Income reached KD 3.8 million, a jump of 58% from KD 2.4 million achieved in H1 2015. KAMCO maintained its leadership position in publicly announced debt market issuances in Kuwait - acting as JLM in capital boosting Tier 2 issuances from Burgan Bank, Gulf Bank and Kuveyt Turk.
On the Asset Management side, despite continued decline in regional equity markets, assets under management stood at KD 3.3 billion with new money raised in funds and client portfolios. KAMCO Real Estate Yield Fund, KAMCO's flagship product in the real estate space, was able to increase its size by 195%, returning 7.4%, since inception. The Fund distributed USD 10 cents per unit for the second quarter, with total distribution to investors reaching 2% during the year. Commenting on the results, Mr. Faisal Mansour Sarkhou, CEO of KAMCO, said, "2016 has been so far a challenging year with high oil price volatility that declined to levels not seen over the past 14 years. This had a direct impact on capital markets and the GCC markets which remain largely oil dependent economies. Furthermore, uncertainties related to BREXIT and its impact on the gulf economies as well as the geopolitical situation further added to market pressure. Despite these challenges, we at KAMCO were able to grow operationally with our commitment to provide our clients with prudent and innovative products and services, continuing to position ourselves as the preferred Asset Management and Investment Banking provider." Established in 1998 with the mission to significantly alter the local and regional investment landscape, KAMCO is a premier investment company based in Kuwait. A subsidiary of United Gulf Bank (UGB). KAMCO was listed on the Kuwait Stock Exchange (KSE) in 2003. (end) fnk.rk