Alkhabeer Capital announces the financial results for the year ended 31st December 2012
- Saudi Arabia: Tuesday, March 05 - 2013 at 13:21
- PRESS RELEASE
Alkhabeer Capital announced its financial results, whereby the annual report for the fiscal year ended 2012 revealed that the company has reached a new level of growth and profitability, as per the following:
2. Net profits increased by 62% to reach SR31m (2011: SR19.1m) mainly on the back of higher assets under management and return on investments.
3. Assets under Management increased by 17% to SR1.64bn (2011: approximately SR1.4bn) driven by new business initiatives and a number of new funds that were launched across different asset classes including the launch of the first private equity fund, Alkhabeer Industrial PE Fund.
The company's proprietary investments have also increased to SR561.1m (2011: SR559.5m) driven by investments in Real Estate, Capital Markets, Asset-Backed Securities and Unlisted Equities.
Commenting on the positive results, Executive Director & CEO, Mr. Ammar Shata, stated: "We are determined to maintain prominent financial results and to offer an innovative range of products and services that satisfy the needs of our growing clients. We will continue to expand our Asset Management capabilities mainly, within the disciplines of Private Equity, Real Estate and Global & Local Capital Markets. Our success, in spite of the continued turbulence in global markets, is attributed to the outstanding efforts of our management team and all employees, under the direct support and supervision of the board of directors that has demonstrated great responsibility and experience in effective corporate governance. All such efforts have directly contributed to AlKhabeer's sustainable performance."
"Furthermore, we are delighted that our client base has significantly grown in 2012 by 70% and we expect it to grow further in 2013. As we continue to carefully listen to our clients and understanding their needs, we are able to introduce relevant financial products that will attract an increasing number of clients while ensuring high satisfaction of existing ones."
"We are also working effortlessly to maintain the excellent position that we have been entrusted with, by winning two major awards for being the best Islamic Asset Management Company by World Finance 100 and Islamic Business & Finance".
As for Alkahbeer's outlook for 2013, Mr. Shata said: "I am convinced that our strategy focused on further development of our core products, and our dedicated staff will enable us to deliver the best value to our stakeholders and further improve our position in the market."
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