KAMCO announces increased third quarter profits

KAMCO's net profits for the first nine months of 2003 were KD 4.67 million (US$ 15.87 million) or 31.14 fils (10.5 cents) per share, higher than profits for the full year 2002, which were KD 2.66 million (US$ 9.04 million) or 17.8 fils (6.5 cents) per share.

The company's total assets recorded a marked increase of 5.4% to KD 61.14 million (US$ 207.87 million) compared to the end of 2002 KD 58 million. Shareholders' equity reached KD 28.72 million (US$ 97.64 million) at the end of September 2003, compared to KD 22.36 million (US$ 76.02 million) at the end of 2002, a rise of 28.4%.

KAMCO also recorded a significant growth in its return on equity (ROE) and return on assets (ROA) ratios. The nine months results showed ROE calculated on an annual basis reached 21.7% compared to 11.9% as at the end of 2002, a growth of 81.7%. The annualised ROA was 11.9% at the end of September 2003, an increase of 121.5% compared to the full year 2002. Client's assets under management totaled KD 1.2 billion (US$4.08 billion) as at September 30, 2003.

KAMCO is a member of KIPCO (Kuwait Projects Company Holding) which is one of the largest group in the Middle East and north Africa region. Established in 1998, it is an innovative and fast-growing financial investment services company and listed its shares on the KSE after unprecedented demand in a pre-listing private placement.

KIPCO, with assets of US$ 10 billion under management or control, is one of the leading diversified holding companies in the Middle East and North Africa, and a major regional force in financial services and media & technology, with further interests in real estate and industry. The largest private sector company in Kuwait, KIPCO employs 10,000 people internationally and its shares are traded on the Kuwait Stock Exchange.