KAMCO profit leaps 198.5 per cent to KD 8.0 million (USD 27 million) in 2003

The board of directors has recommended a cash dividend of 10 per cent of the share face value, and issue of bonus shares of 10 per cent of the paid-up capital of the company.

"These outstanding results vividly demonstrate the strength and dynamism of KAMCO," said vice chairman and general manager Tariq Abdul Salam. "They also illustrate the effectiveness of our creative strategies for new long-term investments and major business activities in local and regional financial sectors," he said.

Total revenues for 2003 increased by 101 per cent to KD 15.9 million (US$ 53.8 million) from KD 7.9 million (US$ 26.8 million) in 2002. Total assets were KD 88.3 million
(US$ 299.6 million) compared to KD 58 million (US$ 196.8 million), a rise of 52 per cent, and Shareholders' Equity grew by 108 per cent to KD 46.4 million (US$ 157.5 million) from KD 22.3 million (US$ 75.8 million) in 2002.

KAMCO, a subsidiary of United Gulf Bank (UGB) of Bahrain - KIPCO's investment banking subsidiary - listed on the Kuwait Stock Exchange (KSE) in October, 2003 after unprecedented demand in a pre-listing private placement which was oversubscribed by more than 400 per cent. The company's strong presence in the financial marketplace is reflected in the dynamic growth of its Assets Under Management (AUM), which now stand at nearly KD 1.3 billion (US$ 4.4 billion).

KAMCO was established in 1998 to provide a wide range of financial and asset management services in new and innovative styles. Since then, it has become established as a dynamic force in the Kuwait market, with a solid track record of pioneering and successful customer services including bond issues, private placements, investment funds, and local and international market trading. KAMCO also plays an important role in providing information locally and internationally on companies listed on the KSE, through its investment research department and website www.kamconline.com

KIPCO, with assets of more than 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 holding company in Kuwait, KIPCO employs more than 10,000 people internationally and its shares are the most actively traded on the Kuwait Stock Exchange.