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KAMCO announces first quarter 2015 financial results

KAMCO Investment Company, a leading investment company with one of the largest AUMs in the region, and a winner of the prestigious Kuwait Asset Manager of the Year Award 2015, announced today its financial results for the first quarter ended March 31, 2015. The Company recorded a net profit of KD 109 thousand with earnings-per-share (EPS) of 0.46 fils.

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KAMCO Investment Company, a leading investment company with one of the largest AUMs in the region, and a winner of the prestigious Kuwait Asset Manager of the Year Award 2015, announced today its financial results for the first quarter ended March 31, 2015. The Company recorded a net profit of KD 109 thousand with earnings-per-share (EPS) of 0.46 fils.

GCC Equity markets continued to be volatile, falling again as a result of geopolitical issues. Despite the stressed economic and financial environment, KAMCO achieved a Fee income of KD 1.17 million, a growth of 7% over KD 1.09 million earned in first quarter, 2014, improving core activity profits, though overall profitability declined due to aforesaid fall across GCC markets.

Operationally, KAMCO maintained assets under management at KD 3.47 Billion. During the first quarter, KAMCO launched the KAMCO MENA Plus Fixed Income Fund which aims to achieve relatively high returns as compared to returns of the bank short term interest by primarily investing in portfolio of MENA conventional bonds and Islamic Sukuks. Moreover, KAMCO Real Estate Yield Fund successfully distributed cash dividends of 1.7 % to investors covering the period from the Fund’s initial establishment until the end of the first quarter in 2015.  KAMCO’s managed equity funds performed better than their respective benchmarks.

Mr Faisal M Sarkhou, KAMCO’s CEO, said, “Geo-political risk combined with the volatile and low oil prices have not only affected regional GCC equity markets but also negatively impacted the economic and business environment in general. This led to a drop in regional indices, triggering sell-offs, and affecting performance across GCC markets. At KAMCO, we continue to focus on growing and enhancing our core operations despite the current market conditions.”

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