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FINANCIAL NEWS
Kuwait’s Global revenue hit USD21.6m in Q1
24 May 2014
(MENAFN) The Kuwait-based Global Investment House posted a strong net profit in the January-March period, with a revenue increase of 86 percent to USD21.6 million, The Peninsula Qatar reported
Global, which completed a second debt restructuring last year, attributed this to the growth from its asset management, investment banking and brokerage businesses.
The firm, which counts the governments of Kuwait and Dubai as shareholders, posted a net profit of USD11 million, compared to a loss of USD13.8 million in the same period a year earlier.
“We are delighted to have returned on a path of profitability after achieving a sustainable solution to our capital structure during 2013,” Chief Executive said.
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