Mubasher: Global Investment House achieved a net profit of KWD 2.6 million ($8.7 million) during the first six months of 2019 when compared to KWD 2.9 million ($9.7 million) in the first half last year, registering a year-on-year (YoY) decline of 10.3%.
During the first half this year, Global achieved a YoY increase of 7.3% in revenues to KWD 8 million ($26.3 million, the company said in a press release on Wednesday.
The Kuwait-headquartered company’s income from fees and commissions grew by 14% on an annual basis to KWD 5.6 million ($18.6 million), representing 70.7% of total revenues.
Global is a regional asset management and investment banking firm, with offices in major capital markets across the MENA region.
The company’s fee-based businesses, including asset management, investment banking, and brokerage, generated a rise of 9.4% in revenues to KWD 6.7 million ($21.9 million), compared to the same period of 2018.
Global’s asset management business contributed to KWD 5.9 million ($19.4 million) in revenues and total assets under management (AuM) reached KWD 860 million ($2.8 billion).
