BLOMINVEST Saudi Arabia Company, the investment arm of BLOM BANK Group in Saudi Arabia, announced achieving a net profit for the nine months ended in September 30, 2013 amounted to SR30,600m, The BLOM Company was established in 2008 with a capital of SR100m.
“These results were due to increasing assets under management, reducing costs, restructuring of some departments and focusing on profitable activities, which increased the size of projects from SR280m to nearly SR3bn. It also increased the size of funds from 4 to 10 funds in the current year”, said Engineer Abdullah Al Rashoud, CEO of BLOMINVEST Saudi Arabia.
Al Rashood asserted that the delivery of some of these funds projects will begin at the end of this quarter and the company is about to establish four new real estate investment funds during the coming six months, with a total value of more than three billion and four hundred million riyals, where the contracts of these funds have been signed with major real estate development companies.
BLOMINVEST operates as the investment arm of BLOM Bank Group in Saudi Arabia. It provides large companies with financial consultancy services on raising capital, issuing shares and bonds and listing them in the stock market, mergers and acquisition, financing, creating and launching investment funds through public or private offering, in addition to structuring investment services, wealth management and other investment and consultancy services.
BLOMINVEST also conducts financial intermediation in international and regional markets besides various studies and researches. The company is a professional firm that has long experience and presence in more than 12 countries, which is managed by an outstanding team that is professionally working together with partners in the kingdom towards success and excellence. It is committed to the highest norms and standards of investments and is known to have transparent operations that are subject to the auditing of specialized monitoring agencies.