KAMCO announces record 2007 earnings

Additional performance highlights for 2007 include a rise of annual revenue to almost KD55 million, an increase of 105% over the last year. Expenses grew more modestly by only 62%, due in part to significant investments made within the company.

Total shareholders' equity in 2007 increase to over KD116.5m, a rise of 37% from 2006 and combined total Liabilities and Shareholder's Equity grew to more than K194.5m, a significant increase of 39% over the previous year.

Return on Equity growth was more than 37% and Return on Assets were over 22%. The Earnings per Share (EPS) achieved were 150.8 fils - a massive increase of 135% over the same period last year.

Total company assets grew to more than KD194.5m, compared to about KD140m in 2006. Whilst total assets under management surged by 28% to more than KD 2,456m.

"KAMCO entered its tenth year of operation in 2007 and the solid foundations laid over the preceding years enabled us to reap the maximum benefit from the buoyant market conditions experienced in the region during the past year," said KAMCO chairman, Masaud Hayat.

"I am delighted with the continued strong performances we have achieved throughout the year and am proud of the excellent performance of our highly professional team and our product development efforts which grew considerably in 2007."

"We have invested significantly in our company infrastructure, streamlined our business processes and raised quality and customer care standards which have all been instrumental in achieving such outstanding results for our customers and shareholders.

"We believe KAMCO is well placed to manage the increasingly volatile market conditions expected in the coming year and will actively look for opportunities to expand our product portfolio, quality of services, and our regional market reach as we continue to expand our market opportunities," Mr. Hayat continued.