KAMCO announces Q1 financial results - Company net profit

17/05/2017 05:51 AST

KAMCO Investment Company K.S.C. (Public), a leading investment company with one of the largest AUMs in the region, today reported its financial results for the first quarter ended March 31, 2017. The Company recorded a net profit of KD 285,992, an increase of 112% in comparison to KD 135,150 during the first quarter ending March 31, 2016. Revenue stood at KD 2,291,618 with an increase of 42% in comparison to KD 1,609,816 for the same period in 2016. KAMCO's earnings-per-share (EPS) saw an increase of 1.20 fils, up 110.5% in comparison to 0.57 fils per share during the same period in the previous year.

Chief Executive Officer of KAMCO, Faisal Mansour Sarkhou, said in his comments about the results, "During the quarter, KAMCO successfully completed the acquisition of Amazon's largest distribution warehouse located in the United Kingdom, for an all-in purchase price of approximately GBP 61 million."

Sarkhou added that the Company acted as the acquisition advisor to Qurain Petrochemical Industries Company KSCP ("QPIC") on the successful acquisition of 20.5% of National Petroleum Services Company KSCP ("NAPESCO"). He also said that KAMCO acted as one of the Joint Lead Managers and Book Runners for Warba Bank K.S.C.P's ("Warba") Tier 1 Basel III compliant USD 250 million sukuk issuance.

Commenting on the KAMCO Investment Fund ("KIF"), Sarkhou said, "It is due to the efficient and prudent fund management strategy, supported by market stability during the first quarter of 2017, positive investor sentiments, oil market recovery and corporate profits in 2016, KIF ranked first locally in terms of return during the first quarter of 2017 with a growth of 15.93%."

Sarkhou also pointed out that during the first quarter of the year, the company launched its KAMCO Islamic Equity Fund's ("KIEF") public offering, for individual and corporate investors who wish to achieve attractive and long-term risk returns. The Fund seeks to outperform the stated benchmark by investing in equity securities of companies worldwide that comply with Shariah guidelines.

Arab Times