KAMCO achieved significant Operational Profit growth of 160%, Net Profit growth of 60% and a reduction of 31% in Operational expenses for the first quarter of 2013 over the same quarter in 2012. Since the end of the first quarter of 2012, the company has reduced its assets by 48% and its debt by 36% as a result of its financial restructuring efforts.
KAMCO's Assets Under Management grew by more than 5% since the end of 2012 (13% growth over 2012 quarter one end), reaching KD2.5bn for the first quarter of 2013 with new AUMs representing over 18% of the growth. In addition, KAMCO's Fee income increased by 8% during the first quarter of 2013.
On this occasion, Mr. Faisal Mansour Sarkhou, Acting CEO of KAMCO, said, "Our first quarter results reflect our operational progress and growth after undertaking extensive restructuring in 2012 in which we reduced our assets and debt."
Mr. Sarkhou added, "KAMCO will continue its efforts to grow its asset management and investment banking platform and operations as well as continue its focus on achieving an appropriate and efficient capital structure for our future activities, ensuring the company's growth and achievement of healthy and consistent returns for our shareholders."
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KAMCO announces its financial results for Q1 2013
- Kuwait: Monday, May 13 - 2013 at 16:14
- PRESS RELEASE
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KAMCO reported its financial results for the first quarter ended March 31, 2013. The Company recorded a net profit of KD0.703m with earnings-per-share (EPS) of 2.95 fils in Q1 2013, compared to KD0.404m with EPS of 1.68 fils during the same period of 2012.
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Posted by Siba Sami AmmariMonday, May 13 - 2013 at 16:14 UAE local time (GMT+4)
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