Boursa Kuwait announces net profit of KD 5.63 million for the period ended 30 June 2020

Amidst the Covid-19 outbreak

  
Boursa Kuwait announces net profit of KD 5.63 million for the period ended 30 June 2020
  • Al-Humaidhi: The results we see today mirror the strength of the operational model and the solid strategy
  • Al-Osaimi: We continue to work towards strengthening our infrastructure and operational model to withstand any challenges that come our way 

Kuwait City: Against the backdrop of the unprecedented conditions brought on by the COVID-19 pandemic, Boursa Kuwait saw a net profit of KD 5.63 million for the six month period ended 30 June 2020, an increase of 46.5% compared to the same period in 2019, when the company recorded a profit of KD 3.85 million.

The company generated 28.05 fils earnings per share, which is an increase of 46.5% compared to its total of 19.15 fils over the same period in 2019, while the company’s total assets came in at approximately KD 41.7 million, which is a 22.4% increase versus its 2019 total for the same period of KD 34.1 million. Shareholder equity increased 24.1% from KD 26.4 million in June 2019 to KD 32.7 million for the period ended 30 June 2020.

Total operating expenses were KD 3.12 million, a decrease of 27.7% over the same period’s 2019 total of KD 4.31 million, while total operating revenue came in at KD 6.77 million, a marginal contraction of 4.6% over the same period in 2019, when the total operating revenue for the six month period was approximately KD 7.1 million.

Boursa Kuwait’s Chairman Mr. Hamad Mishari Al-Humaidhi commented: “We are pleased to have recorded a net profit of KD 5.63 million, an increase of 46.5% compared to its 2019 total over the same period. The results we see today mirror the strength of the operational model and the solid strategy in place as well as the company’s financial solvency, which have allowed us to overcome the various challenges brought about by the Covid-19 pandemic and deliver an exceptional performance. These key components are the effective catalysts of our stability and growth, allowing us to drive the successful journey of transformation further and take the exchange to new heights. The company has demonstrated strong operational resilience since inception and we look forward to building on these results and further diversifying our operations and products.”

“I would like to thank the Board of Directors and the Executive Team for their relentless efforts and commitment to creating an exchange that operates in line with world class standards and best practices. We will continue to deliver on all fronts, with our mission driven strategy as our key driving force,” Al-Humaidhi added.

Mr. Mohammad Saud Al-Osaimi, Boursa Kuwait’s Chief Executive Officer commented on the results, saying: “Throughout these trying times, brought about by the Covid-19 pandemic, Boursa Kuwait remained focused on ensuring the seamless and efficient operations of the exchange, by rolling out a series of precautionary actions, and following through with existing development plans. Today, we continue to work towards strengthening our infrastructure and operational model to withstand any challenges that come our way. Boursa Kuwait will continue down the same path of market developments, elevating the overall status of the Kuwait Capital Market and contributing to creating a diverse product base that serves the interest of all our stakeholders.”

Boursa Kuwait continues to pave the way with its market development plans, with its investors’ and stakeholders’ best interest at the heart of its operations, and with the aim of developing a liquid and transparent capital market that provides diversified investment opportunities. The company continued to roll out market developments and reforms throughout the coronavirus pandemic, which led to significant progress in its journey to become a prominent stock exchange in the Emerging Markets.

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