(MENAFN - Arab Times) KAMCO (KIPCO Asset Management Company KSC) today reported its financial results for the first half ended June 30, 2012. During this period, the Company recorded a net loss of KD 2.9 million with earnings-per-share (EPS) of (12.14) fils, while, for the second quarter, KAMCO realized a net loss of KD 3.3 million or 13.83 fils per share.
KAMCO are in the process of executing the previously announced balance sheet restructuring plan and continuing to provide the best Investment Banking and Asset Management Services in Kuwait. In this regards, this year, KAMCO reached a milestone by becoming the number one bond issue advisor in Kuwait (according to the MENA Capital Report of March 2012 by Bloomberg). The company is the only Kuwaiti company and is the only non-bank or government owned company in the region's top twenty advisors for bond issuances. It is also worthy to note that KAMCO's market share as a lead manager for all Kuwaiti corporate bond issuances over the past three years is 67 percent.
Of KAMCO's already established funds, the Kuwait Education Fund has seen significant returns of 22.81 percent since the beginning of the year, thereby securing its position as the country's most successful fund. KAMCO today has KD 2.26 billion of assets under management (as of 30 June 2012), increasing by 3.9 percent since 31 December 2011.
Acting Chief Executive Officer, Faisal Mansour Sarkhou commented, "We are very proud of the operational achievements and success the company has realized this year. Our successes are dependent on our strong team that we harbor and nurture. These operational successes come during a difficult time not only in our market, but internationally and despite our overall results reflect the restructuring impacts, demonstrating that KAMCO is not immune to the difficult environment facing the investment sector, our operational achievements illustrate that the company has the track record, drive, and focus to achieve its objective in growing the assets under its management and becoming the client's preferred asset management and financial services 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) - the investment banking subsidiary of Kuwait Projects (Holding) Company (KIPCO) - KAMCO was listed on the Kuwait Stock Exchange (KSE) in 2003.
After more than thirteen years of conducting business in Kuwait's dynamic investment industry, KAMCO has successfully established a robust reputation for solidity, characterized by its prudent, conservative investment philosophy which has consistently commanded the goodwill of a wide patron-base.
KAMCO's Asset Management Division specializes in customized portfolio management, access to IPOs, and local and international fund management. The Investment Advisory and Research Division tracks the latest directions and trends across regional and local economies as well as equity markets and offers a range of customized services that focus on maximizing returns, mitigating risks, and maintaining capital appreciation for individual and institutional clients. The Company's Financial Services and Investment Division offers a full range of advisory services on mergers and acquisitions, underwriting, private placements, debt issuance and restructuring, and private equity management.
The Company will further aggressively build upon its core competencies to offer MENA-wide investment management consultancy and services, backed by its proven track-record in stringent risk mitigation, investment product innovation, and a cautious investment approach towards local, regional and international capital markets.