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FINANCIAL NEWS
Kuwait’s Global net profits reach USD in 9M
17 Nov 2014
(MENAFN) Kuwait’s Global Investment House (Global) announced it has registered a net profit of USD24 million during the January-September period of this year, as well as an increase in its revenue by 64 percent, reaching USD57.9 million, KUNA reported.
During the first nine months of 2014, Global registered USD39.7 million of revenue in asset management, investment banking and brokerage, which represented 68.6 percent of the total revenue registered by the company during that period, while revenue from fees and commissions reached USD34.4 million, representing a growth by 21 percent compared with the same period in 2013.
Global, which manages 24 funds spanning from money market funds to private equity funds, said that its co-investments, which totaled USD40.7 million, have generated USD4 million in income.
“The Company’s positive results achieved for the third quarter in a row and most of the revenues being generated by the core businesses are testaments to the success of the company’s strategy to focus on its fee generating businesses and reaffirm our belief that the Company is on a path of sustainable profitability,” Global CEO said.
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