Markaz records total revenues for Q1 2024 of KD 6.06mln

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Kuwait:- Kuwait Financial Centre “Markaz” (KSE: Markaz, Reuters: MARKZ.KW, Bloomberg: MARKAZ: KK) reported its financial results for the quarter ended 31 March 2024 with Total Revenues of KD 6.06 million, as compared to KD 1.19 million in Q1 2023. Net Profit attributable to shareholders of Markaz was KD 2.77 million for Q1 2024, compared to Net loss of KD 3.18 million in the same period last year.

Mr. Ali H. Khalil, Markaz’s CEO, stated: “The first quarter of the year 2024 witnessed the Kuwaiti market’s anticipation of the National Assembly elections as a key factor influencing Kuwait’s economic and development policies, which in turn is reflected in the investment climate. In addition, global markets saw a significant shift in the forecasts on the inflation landscape and interest rates. Expectations of interest rate cuts boosted shares, although the pace of cuts is likely to be slower than the market had hoped for at the turn of the year.”

Mr. Abdullatif W. Al-Nusif, Managing Director, Wealth Management and Business Development at Markaz, stated: “Assets Under Management grew by 15% to KD 1.30 billion in Q1-2024, compared with Q1-2023. Markaz's adaptable business strategy and dedicated focus on client goals position us to capitalize on emerging opportunities in asset management and investment banking. Markaz will continue its journey of building successes while focusing on a customer-centric approach and upholding its promise to deliver on clients’ objectives and further cement its position as the trusted partner in wealth creation in the Middle East and beyond.”

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About Kuwait Financial Centre “Markaz”

Established in 1974, Kuwait Financial Centre K.P.S.C “Markaz” is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.30 billion (USD 4.24 billion) as of 31 March 2024. Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered innovation through the creation of new investment channels. These channels enjoy unique characteristics and helped Markaz widen investors’ horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa Financial Fund (the first and only options market maker in the GCC since 2005), and the GCC Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows the momentum methodology), all conceptualized, established, and managed by Markaz.

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