Company's Net Profit Up 60 Percent; EPS Clocks 2.95 Fils
KUWAIT CITY, May 13
KAMCO today reported its financial results for the first quarter ended March 31, 2013. The Company recorded a net profit of KD 0.703 million with earnings-per-share (EPS) of 2.95 fils in Q1 2013, compared to KD 0.404 million with EPS of 1.68 fils during the same period of 2012.
KAMCO achieved significant Operational Profit growth of 160 percent, Net Profit growth of 60 percent and a reduction of 31 percent in Operational expenses for the first quarter of 2013 over the same quarter in 2012.Since the end of the first quarter of 2012, the company has reduced its assets by 48 percent and its debt by 36 percent as a result of its financial restructuring efforts.
Growth
KAMCO's Assets Under Management grew by more than 5 percent since the end of 2012 (13 percent growth over 2012 quarter one end), reaching KD 2.5 billion for the first quarter of 2013 with new AUMs representing over 18 percent of the growth. In addition, KAMCO's Fee income increased by 8 percent during the first quarter of 2013.
On this occasion Faisal Mansour Sarkhou, Acting CEO of KAMCO, said "Our first quarter results reflect our operational progress and growth after undertaking extensive restructuring in 2012 in which we reduced our assets and debt." Sarkhou added, "KAMCO will continue its efforts to grow its asset management and investment banking platform and operations as well as continue its focus on achieving an appropriate and efficient capital structure for our future activities, ensuring the company's growth and achievement of healthy and consistent returns for our shareholders."
© Arab Times 2013
