(MENAFN - Arab Times) KCIC, an investment firm specializing in investments in Asia, today announced its financial results for 2012, earning KD 5.23 million and KD 11.97 million in revenues with an earnings per share of 6.69 fils and a return on equity of 6.17 percent. The company's total assets stood KD 95.49 million at year-end, said the company. Managing Director Ahmad Abdlatif Al Hamad said, "The year was a challenging year filled with significant milestones for our business. We remain confident of our strategy and our commitment to Asia and its investment opportunities while staying close to the needs and requirements of our shareholders and clients."
2012 highlights:
* Opening of Hong Kong office with a full-fledged investment team. The Hong Kong operation has broadened the company's footprint in Asia and confirmed KCIC's commitment to the region and its investment opportunities.
* The launching of the first Shariaa Compliant Islamic Trade Finance Fund. The Fund is focused on financing trade flows in Asia and the Middle East under ShariaaMurabaha Structures.
* Equity strategies continued to outperform industry and peer benchmarks, proving the company's high caliber portfolio managers and their ability to extract value for investors.
* Growth in sales and marketing team with the addition of talented investment advisors across all offices to deliver better service and customize solutions for our clients. Also, in alignment with the latest CMA regulations for listed companies, KCIC announced the following changes to the Board of Directors
The changes are:
* Current Chairman Omar Kutayba Al Ghanim has resigned to assume his new role as the Chairman of another company. Current laws do not permit a single person to chair the boards of two shareholding companies.
* Dhari Ali Al Bader named as the new Chairman. Al Bader has served on KCIC's board since May 2012.
* Current Vice-Chairman and Managing Director Ahmad Abdlatif Al Hamad has resigned his Vice-Chairman position as mandated by the new laws. Al Hamad will continue to serve on the board and run the company in his capacity as Managing Director.
