KAMCO posts KD0.42m net profit during second quarter 2014
KAMCO announced its financial results during the second quarter for the period ended on June 30, 2014. The Company recorded a net profit of KD 0.42 million with earnings-per-share (EPS) of 1.76 fils in the second quarter. Thus making the first half 2014 profit KD 1.3 million with earning-per-share (EPS) of 5.34 fils.
During the second quarter, equity markets became cautious due to regional political factors, however KAMCO continued to maintain the growth in AUM and registered an increase of 22% by Half Year 2014 over the previous year. The new AUMs represented over 38% of the increase. KAMCO also launched its Real Estate Yield Fund with an initial subscription of over $20M USD.
Mr Faisal Mansour Sarkhou, CEO of KAMCO said, “The uncertainty in equity markets during the second quarter slowed down the progress in the AMIB domain across the region, but KAMCO continued to improve its core operational profits over the last year. We are confident of our growth strategy that is based on our core AMIB business and are looking forward to an improved second half for the year.”
Mr Sarkhou added, “We are continuing our efforts to launch new investment funds and are actively pursuing new investment banking deals which should yield consistent returns in the future.”