Mubasher: Kuwait-based Global Investment House (Global) reported a net profit of KWD 1.7 million ($5.6 million) for the first quarter of 2019, up from KWD 1.6 million ($5.2 million) in Q1-18.
Global’s revenue levelled up 17.7% to KWD 4.6 million in the three-month period ended last March, the asset management and investment banking firm said in a statement.
The company’s fee-based business, which includes asset management; brokerage; and investment banking, logged revenue of KWD 3.7 million in Q1-19, registering an 18.3% growth compared to the year-ago period.
Global is also continuing merger negotiations with KAMCO Investment Company to launch one of the largest and strongest regional investment entity.
“The results reported, and the synergy witnessed between teams from Global and KAMCO only reflect the potential we foresee to create value to all our stakeholders,” Global’s chairman Faisal M. Sarkhou said.
The company continued its profitability after carrying out fee business-driven strategy in a challenging macroeconomic environment, acting CEO Sulaiman Mohammed Al-Rubaie stated.
