In a meeting of its Board members on October 30, 2022, Boursa Kuwait announced net profits attributable to equity holders of the parent company of KD 15.1 million for the nine month period ended 30 September 2022, recording an increase of 29.2% compared to the same period in 2021, when the company recorded net profits of around KD 11.7 million.
Total operating revenue came in at KD 26.4 million, an increase of 17.7% over the same period in 2021 which stood at approximately KD 22.5 million, while net operating profit increased 41.5% from KD 13.43 million as of 30 September 2021 to KD 19 million as of 30 September 2022. The company generated 75.16 fils earnings per share, an increase of 29.2% compared to its total of 58.19 fils over the same period in 2021, while the Groupโs total assets came in at approximately KD 114.7 million, which is an 8.4% increase versus its 2021 total for the same period of KD 105.8 million.
Shareholder equity attributable to equity holders of the parent company increased from KD 56.5 million as of 30 September 2021 to KD 62.7 million as of 30 September 2022, an increase of approximately 11%. Furthermore, the market capitalization of Kuwaitโs capital market increased from KD 41.4 billion at the end of 2021 to KD 45.5 billion as of 30 September 2022, an increase of around 9.8%.
Commenting on the results, Boursa Kuwait Chairman Mr. Hamad Mishari Al-Humaidhi said: โThe results of the nine-month period ended 30 September demonstrate that Boursa Kuwaitโs strategy to develop the market as per international standards is continuing to pay off. The exchange plays an essential role in supporting the national economy and the countryโs National Development Plan, and its efforts help consolidate our reputation as a leading stock exchange in the Middle East and a key contributor to the countryโs transformation into a global investment destination during this tumultuous period which is marked by geopolitical tensions. I would like to thank my fellow Board members, the Executive Team and the esteemed Boursa Kuwait employees for their efforts to develop and enhance the company and the Kuwaiti capital market.โ
Boursa Kuwaitโs Chief Executive Officer, Mr. Mohammad Saud Al-Osaimi, also commented on the companyโs nine-month results, saying: โBoursa Kuwaitโs strategy to enhance the appeal of Kuwaitโs capital market is yielding important outcomes and attracting investors locally, regionally, and internationally. Boursa Kuwaitโs indices, as well as those from other capital markets across the GCC, have performed relatively better than their counterparts in Europe and the United States, which has led to institutional investors flocking to this regionโs markets, with foreign trades constituting 17% of the total trades in the first nine months of 2022, a testament to the increasing confidence in Kuwaitโs capital market.โ
Guided by a belief in the private sector and its ability to develop a reliable and sound capital market with ever increasing liquidity levels, Boursa Kuwait has developed into a pioneering regional company that adheres to the best-in-class international standards and practices, making it one of the standout companies in the country today, and a leader in the Kuwaiti financial scene over the past few years.
Since its inception in 2014, Boursa Kuwait has worked diligently to create a thriving capital market that attracts local and foreign investors through a broad spectrum of new products and services, infrastructure upgrades, and market reform initiatives, as part of its multi-phase market development plans.
The company was fully privatized in 2019, the first government entity in the country to successfully undergo the process, bringing about greater levels of efficiency. Boursa Kuwait also self-listed in September 2020 and has made great strides in sustaining its operations and business continuity in the face of uncertainties and challenges. Over the past six years, the company has rolled out numerous market reforms and new initiatives as part of its comprehensive multi-phase market development (MD) plans.
The company also showcases some of the standout listed companies and the investment opportunities that reside in the Kuwaiti capital market through its series of Roadshows and Corporate Days, putting these companies in touch with some of the worldโs leading investment firms and financial institutions and highlighting their financial health and business strategies and outlooks, in an effort to help investors gain an in-depth understanding of the benefits and opportunities of investing in Kuwaiti companies.
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