Boursa Kuwait Securities Company’s Annual General Assembly (AGM) meeting has approved distribution of cash dividends for 2022 amounting to KD17.65 million ($57.76 million at the rate of 85 fils per share.
Shareholders registered by the end of the record date of April 9, 2023 will receive their share dividends by the end of April 12, 2023, the company’s scheduled payment date.
The meeting was held under the stewardship of Chairman Hamad Mishari Al-Humaidhi. Shareholders agreed to grant the Board of Directors authorisation to buy or sell the company's shares, provided they do not exceed 10%, in accordance with the provisions of Law No. 7 of 2010 and its executive regulations and amendments.
Related Parties’ Transaction Report
Shareholders also discussed and approved the Related Parties’ Transaction Report for 2022 and the related parties’ transactions, which are proposed to be conducted during the upcoming 2023 financial year.
Finally, the reappointment of Badr Adel Salem Al-AbdulJader from Ernst & Young (Al-Aiban, Al-Osaimi & Partners) as the auditor for the fiscal year ending on 31 December 2023 was also approved.
Al-Humaidhi said: “Boursa Kuwait delivered exceptional financial results in 2022, with an increase in profit by 13.3% from 2021, from KD15.9 million to KD18 million. The group’s total assets came in at approximately KD119.6 million in 2022, which is an 8.3% increase versus the 2021 total of KD110.4 million, while shareholders’ equity attributable to equity holders of the parent company increased from KD60.6 million as of December 31, 2021, to KD65.5 million as of December 31, 2022, an increase of approximately 8.1%.”
Al-Humaidhi continued: “Boursa Kuwait maintained its proactive approach to drive strategic sustainability progress in line with the United Nations’ Sustainable Development Goals (SDGs) and our Corporate Sustainability pillars – Community and Environment – while leveraging our resources, reputation and relationships to support all our valued stakeholders throughout the year.”
Mohammed Saud Al-Osaimi, Boursa Kuwait's Chief Executive Officer, said: “Boursa Kuwait was able to develop its operations throughout the year, attracting institutional and retail investors both locally and globally. The company continued the implementation of its strategy to develop a more liquid and transparent capital market, solidifying its role as a key cog in the development and diversification of the national economy and working to attract investments from all over the world. These are expected to continue raising the profile of the Kuwaiti capital market around the world and creating a sound and diverse financial environment that is hailed as innovative, sustainable and progressive.”
Al-Osaimi added: “The market recorded an increase of 8.3% in value traded from around KD13.6 billion in 2021 to KD14.7 billion in 2022, with the ‘Premier’ Market’s market capitalisation coming in at KD37.4 billion while the ‘Main’ Market’s market capitalisation was KD9.3 billion. Additionally, operating profit for the 2022 financial year came in at KD22.6 million, an increase of 22% over the total of KD18.5 million recorded in 2021.
Foreign turnover activity
“Total foreign turnover activity increased 29% from 2021 levels to reach around KD5.5 billion in value with active foreign investment coming in at approximately KD760 million, while total foreign activity comprised 18% of the total trades in the market during the year, with institutional investor activity making up to 61% of total turnover activity in 2022.”
The Boursa Kuwait CEO also highlighted the exchange’s efforts to promote the Kuwaiti capital market and its unique investment opportunities to the worldwide investment community, adding that the company organised two Corporate Days with HSBC and EFG Hermes respectively, which saw the participation of 15 listed companies, including Boursa Kuwait.
Al Osaimi reiterated the company's commitment to modernise the Kuwaiti capital market by expanding its offerings and improving market efficiency, enhancing access and reinforcing transparency and governance as well as increasing liquidity and transparency, while fortifying investor confidence as part of the company’s efforts to enhance the market and offer investors more opportunities to profit.
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