KAMCO report continued strong financial growth in first quarter results of 2008

In a first quarter that saw high volatility and further disruption in the global markets, KAMCO was able to realized the net income of KD5.2m in Q1 of 2008 - whereas the net income in Q1 of 2007 included exceptional gains of KD13m from the special sale of assets including Wataniya Telecom and United Fisheries, which resulted in higher net income figure of KD16.3m.

Total revenues reached KD8.70m, up from KD6.60m normalized revenues in the same period last year, with strong contributions from investment/trading income, growing fees and commissions from assets under management.

Total shareholders' equity in Q1 of 2008 increased 20% to KD112m, compared to KD93.29m in the same period last year. Total company assets also increased by 31% to KD201m, compared to KD154m in the same period of last year.

KAMCO Chairman Masaud Hayat said: "The profits achieved were due to the company's growing managed assets which increased to KD47m, comparing favourably from Q1 results of 2007.

Shareholders' equity has also increased to KD18.7m which reflect the company's ability to grow under various economic conditions in a very competitive market and region".

Mr. Hayat added, "KAMCO was able to achieve these outstanding results because of the dedication and cooperation of the whole team in pursuing the best options for our clients and our shareholders and thereby enabling KAMCO to reach growth targets in spite of the challenges faced in the money markets in recent time".

KAMCO is one of the region's leading corporate finance and investment banking advisors.

KAMCO Corporate Finance has an extensive track record of successfully completed assignments that were targeted towards its diverse and sophisticated client requirements and expectations.