18 May 2015Shareholders approve 5% cash dividend
- Net profit: KD1.77 million
- Revenue: KD9.23 million
- EPS: 2.29 Fils
Kuwait - Asiya Capital Investments Company (previously KCIC), a firm focused on investing in Emerging Asia countries, today held its Annual General Meeting of Shareholders in Kuwait. Shareholders approved the 2014 annual report and accounts, and approved the Board of Director's proposals, including a proposal to issue a 5% of par value as cash dividend (5 Fils per share).
For the year 2014, Asiya Capital Investments registered a net profit of KD1.77 million, a 75% increase from the previous year, with earnings per share of 2.29 Fils. The company reported KD9.23 million in revenue, representing an 18.5% increase from 2013, and a return on equity of 2.07%.
Asiya Capital Investments' Chairman, Dari Ali Al-Rasheed Al-Bader, said: "The company's performance in 2014 outperformed industry and peer benchmarks, proving the success of the company's strategy. Our earnings continue to be supported by Asia's strong fundamentals, which have driven 40% of global economic growth last year."
● The company's funds outperformed the MSCI Asia Ex-Japan total return index which was at 4.8%
● The Gateway fund achieved a return on investment of 12.94%, an outperformance of over 8%
● The company's financial and real estate strategies recorded a performance of 11.35%, an outperformance of over 6%
● The company's long-only strategy achieved a return of 9.46%
● The company's Panda Fund outperformed the benchmark and achieved returns of 7.93%
• Shareholders approved transferring 10% of capital to a statutory reserve account
• Shareholders elected a new Board of Directors with three-year terms
Emerging Asia's performance in 2014 and company outlook:
Emerging Asia's growth continues to exceed the growth rate of the rest of the world with Asia today making up 23% of the global Gross Domestic Product (GDP), up from just 10.5% in 2000. Though the region's growth is driven by Asia's two power economies China and India, the rest of emerging Asia is not far behind, with the stock markets of Indonesia, Philippines and Thailand growing by 20% in 2014, while China and India's stock markets grew by 50% and 30%, respectively. Looking to the next year, Asia's growth is expected to slightly decelerate, however Asiya Capital Investments forecasts that Asia's growth will continue to outpace the growth of the rest of the world's economies.
Al-Bader said: "Though 2015 is showing signs of risk elevation, Asiya Capital Investments is wellpositioned to mitigate these risks by continuing to reply on our fundamentals-based approach and our deep on-ground knowledge of our investment areas and sectors, which has served us well in the past."
About Asiya Capital Investments Company
Asiya Capital Investments Company is an investment company founded by an Emiree Decree with a capital of KD80 million and a mandate to invest in domestic demand-driven sectors in Asia, namely energy, real estate, healthcare, infrastructure, and financial services. Asiya Capital Investments Company is the Parent Company of a Group that includes Asiya Investments Dubai Limited and Asiya Investments Hong Kong Limited. The publicly-listed Group employs a team of Asia specialists and currently manages assets in excess of USD 1 billion. Key shareholders include the Kuwait Investment Authority (Kuwait's Sovereign Wealth Fund), National Investments Company (one of the leading investment banks in the Middle East), and Alghanim Industries (one of the largest conglomerates in the Middle East).
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© Press Release 2015