Kamco Invest reported a significant improvement in its net profits, earning 4.28 fils per share compared to a loss of 4.57 fils in the previous period. Total revenues increased by 155.2%, reaching 6.7 million dinars compared to 2.6 million dinars in the first quarter of 2023. Revenues from fees and commissions also increased by 7.4% to reach 3.5 million dinars.
During the first quarter, Kamco Invest’s managed assets grew by 5.1% to $15.6 billion at the end of March 2024 due to new fund inflows and strong performance across various products and services. The investment banking team continued to work on deals in debt and equity markets with expectations of completion during the year.
Kamco Invest’s financial brokerage arm, Al-Oula Financial Brokerage Company, expanded its client base, particularly in electronic trading services. Regional offices also enhanced their presence and services, focusing on asset management. Kamco Invest – Saudi Arabia formed a strategic partnership with Flexam Invest to offer investment opportunities in financial leasing to clients.
Total assets increased by 11.1% to 143.2 million Kuwaiti dinars, while the equity of the parent company’s shareholders increased by 3% reaching 61.5 million Kuwaiti dinars as of March 31, 2024. CEO Faisal Mansour Sarkhou expressed satisfaction with the company’s performance and pledged to continue enhancing financial position and operational performance by offering new services and products, especially in Saudi Arabia and the Dubai International Financial Centre.
In conclusion, Kamco Invest has made significant strides in improving its financial performance during the first quarter of
