Mubasher: Global Investment House has achieved an increase of 34.4% in net profits to KWD 4.7 million ($15.6 million) in the first nine months of 2018 compared to KWD 3.5 ($11.6 million) in the corresponding period last year, according to a recent statement.
The Kuwait-based regional asset management and investment banking firm with offices across the MENA region recorded a revenue of KWD 11.3 million ($37.4 million) in nine months with fee and commission income of KWD 7.1 million ($23.4 million) that represents 62% of total revenues.
Global’s asset management generated a total of KWD 7.3 million ($23.9 million) revenues while the Asset Under Management (AUM) amounted to KWD 880 million ($2.9 billion).
“The private equity asset management team exited three portfolio companies and distributed around $100 million to clients investing in Global Buyout Fund and GMFA and is currently working on further exits,” the statement added.
Global’s operating cost base registered a decline of KWD 1.8 million ($5.9 million) or 22% to KWD 6.5 million ($21.4 million).
It is noteworthy that on 22 September 2018, KAMCO Investment officially completed the purchase of 69.5% stake in Global, becoming the largest shareholder in the company.
