- AUM increased for a fourth consecutive quarter to KD 1,053 million, an increase of 8% from December 2020
Kuwait - Kuwait Financial Centre “Markaz” (KSE: Markaz, Reuters: MARKZ.KW, Bloomberg: MARKAZ:KK) reported its financial results for the nine months of 2021 with total revenues of KD 25.20 million, as compared to KD 5.58 million in the same period last year. Markaz achieved a Net Profit attributable to shareholders of KD 13.79 million, as compared to a loss of KD 6.02 million in 9M 2020, and Earnings Per Share of 29 Fils for the 9M ended September 30, 2021.
Mr. Diraar Yusuf Alghanim, Chairman stated: “I am delighted to report that Markaz has delivered topline growth and improved profitability in the nine months of 2021. The performance is primarily driven by the rebound of local and global equity markets with the receding Covid-19 cases and higher vaccinations around the world. In addition, the real estate sector in key GCC markets has started to recover and occupancy levels at our real estate properties in KSA and UAE have surpassed the pre-covid levels to deliver strong rental income growth during the period.”
Mr. Ali H. Khalil, Chief Executive Officer stated: “In 9M 2021, Markaz delivered a positive financial performance across its asset management, investment banking and principal investments business segments. Asset management fees reached KD 6.45 million, up by 18%, supported by the positive performance of international real estate, and investment banking fees increased to KD 0.56 million, up by 77% as compared to same period last year. Real estate rental income increased by 45% to KD 2.62 million driven by consistent improvement in occupancy levels, rental rates and collections across key real estate properties. Total revenues also include gains from investments of KD 14.37 million as compared to a loss due to the pandemic of KD 6.03 million in 9M 2020. Overall, Markaz maintained a healthy liquidity position with net debt to equity ratio of 0.35x which enables the Company to support its business plans and tap into the growing market opportunities. Our Assets Under Management increased for a fourth consecutive quarter to KD 1,053 million at the end of September 2021.
At Markaz, we continue to offer customized investment solutions according to the evolving market conditions and remain the preferred partner in wealth creation.”
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 1,053 million as of 30 September 2021 (USD 3.49 billion). Markaz was listed on the Boursa Kuwait in 1997.
For further information, please contact:
Media & Communications Department
Kuwait Financial Centre K.P.S.C. "Markaz"
Tel: +965 2224 8000
© Press Release 2021