Kuwait’s International Investment House grows profits in Q1 on new business

Investment house in the method of merging with Kamco investment trust.

Global Investment House, a Kuwait-based quality management and investment banking firm that’s combining with Kamco investment trust reported a seven percent profit rise for the first 3 months of 2019, thanks to a rise in revenues from various lines of its business.

“Global has remained on a homogenous path of profit-driven by effective implementation of its fee business-driven strategy, even throughout a difficult political economy atmosphere and whereas undergoing important internal tasks as a part of the merger method,” Sulaiman described above Mohammad Al Rubaie, acting chief government.

Net profit for the first quarter of the year stood at 1.7 million Kuwaiti dinars (Dh20.5m), up from 1.6m dinars within the corresponding amount of 2018, the corporate aforesaid during a statement.

Total revenues rose 17.7 percent year-on-year to f4.6 million dinars, with fee-based businesses – together with quality management, investment banking, and brokerage – generating revenues of 3.7 million dinars, up to 18.3 percent compared to the first quarter of 2018.

Fee and commission financial gain stood at 3.5 million dinars, representing 76.6 percent of total revenues.

Meanwhile, Global’s quality management business contributed 3.3 million dinars to total revenues, and assets below management stood at 867m dinars as of the top of March. The division according to “competitive performance” for its managed funds and portfolios, with many funds outperforming their various benchmarks and peers.

The brokerage business generated revenues of four lakh dinars, forty-six percent up from last year, thanks to it gaining market share on the execution of the institutional brokerage business strategy and new business generated from Kamco, international aforesaid.

The company is within the method of merging with Kuwait-based Kamco Investment, which won regulative approval last September to accumulate a 69.5 percent stake in international from Bahrain’s NCH Ventures through a share swap deal. Kamco’s board approved the acquisition in January.

The two firms are “striving to conclude the merger, to make one among the biggest, strongest, and a lot of economic player within the regional investment services sector specifically quality management, investment banking and brokerage”, international aforesaid.

“We anticipate to with success conclude the merger and focus our efforts on growing the business and more enhancing our offerings to purchasers,” Mister Al Rubaie value-added.