Boursa Kuwait net profit soars; $1.32 cash dividend proposed

The company attributed the strong gains in part to the inclusion of Kuwaiti companies in the MSCI Emerging Markets Indices

  
Kuwaiti traders are seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019. Image used for illustrative purpose

Kuwaiti traders are seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019. Image used for illustrative purpose

REUTERS/Stephanie McGehee

Boursa Kuwait Securities Company, the owner of Kuwait’s stock market, made a net profit of over 28 million Kuwaiti dinars ($92.6 million) compared with 9.59 million dinars in the year-ago period as operating income soared.

In a statement Thursday, the company attributed the strong gains in part to the inclusion of Kuwaiti companies in the MSCI Emerging Markets Indices, which accounted for over 961.6 million dinars in traded value and represented one of the highest one-day traded values in the history of Kuwait’s capital markets.

In addition, the consolidation of the Kuwait Clearing Company, and the rise in trading volume due to the increase in foreign ownership in Kuwaiti banks, helped boost income.

Foreign ownership within the Premier Market increased by 13 percent, while foreign trading flows accounted for approximately 26 percent of traded value in 2020, it added.

Boursa Kuwait’s board of directors has recommended cash dividend of 40 fils per share.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Equities