KAMCO announces 130% jump in profits for third quarter

The strong performance is indicative of KAMCO's history of solid growth during 2007 fuelled by targeted product development that leverages extensive regional expertise.

This result represents a major increase in profits for this quarter compared to KD13.94m, or 56.7 fils per share, for the same period in 2006.

Total shareholders' equity in the 2007 third quarter surged 31.17% to KD110.88m, compared to KD84.53m in the same period of last year.

Total company assets also increased by a significant 40.74% to KD183.8m, compared to KD130.6m in the same period of last year.

"We are delighted to report KAMCO's continued strong performance, which has been the result of the continued dedication and expertise exhibited by our impressive team and the strength of our expanding product portfolio," said KAMCO chairman, Masaud Hayat.

"Our results are testament to KAMCO's dynamic strategy for both local and international growth and we remain focused on sustainable product development."

"The sustained growth has been echoed across our diverse business groups and underlines the sound business strategy of focusing our core expertise in asset management and related financial services, coupled with our strategic regional market knowledge which has continued to serve us well," said Mr. Hayat.

"Our year to date results have revealed unprecedented growth rates which will help cement KAMCO's strategic position in the field of financial investment and asset management in the MENA region," added Mr. Hayat. "We anticipate that Kuwait will continue to benefit from a favourable operating environment and our focus for the future will be to maximise our existing market capabilities as well as to deliver more innovative and competitive financial solutions that suit our market base."