Markaz Board of Directors recommends cash dividends of 10 fils | Markaz Board of Directors recommends cash dividends of 10 fils -
Mr. Diraar Y. Alghanim.

Markaz Board of Directors recommends cash dividends of 10 fils

: Tuesday, February 25 - 2014 @ 15:54

Kuwait Financial Centre K.P.S.C. “Markaz” announced a net profit of KD7.46m for the year ended 31st December 2013, Earnings per Share (EPS) of 13 Fils as compared with a net profit of KD4.04m (8 Fils per share) during the same period in 2012. Markaz’s improvement in earnings came as a result of favorable returns from investments across all asset classes which represented a gain of 5.53% return on average assets as compared to 2.84% in 2012.

Markaz’s total equity base increased by 7% to KD109.18m at the end of December 2013in comparison to KD101.89m at the end of 2012. Markaz’s total assets under management (AUM) reached KD975m with an increase of 10% compared to KD883m as of 31st December 2012.

In compliance with regulatory measures by Central Bank of Kuwait (CBK), the financial leverage ratio of Markaz reached 0.25:1 in comparison to the imposed rate by CBK of 2:1, which shows the low leverage rate of Markaz. While the quick ratio, the ratio of liquid assets due within one month should not be less than 10% of total liabilities according to CBK, Markaz’s rate was 26.19%. Those percentages reflect Markaz’s strategy in maintaining a strong leverage ratio to ensure its shareholders’ wealth growth.

Subject to the requisite consent of the relevant authorities and approval of the General Assembly, Markaz Board of Directors recommended a cash dividend of 10 Fils per share to be distributed to the shareholders of record as of the date of the General Assembly.

On this occasion, Markaz’s Chairman, Mr. Diraar Y. Alghanim, stated, “Markaz’s solidity as a financial institution and its stable performance during these volatile investment conditions shows its ability to forecast future market trends, as dependence on research in investment activities has become a fundamental requirement to enhance the financial strength of institutions operating in the asset management and financial services industry.”

Mr. Alghanim added, “These good results would not have been possible without the tender and loyalty of Markaz’s employees and the dedication they have towards developing dynamic investment solutions and client services under the supervision of an active and professional management.”

For further information, please contact:

Osama Al Musallam
Senior Officer
Media & Communications Department
Kuwait Financial Centre K.P.S.C “Markaz”
Tel: +965 2224 8000 ext 1819
Dir: +965 2224 8075
Fax: +965 2241 4499

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Tuesday, February 25- 2014 @ 15:54 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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