Mubasher: Global Investment House achieved a growth of 119% in profits during the first nine months of 2017 compared to the same period last year.
Earnings increased to KWD 3.5 million ($11.5 million) in 9M-17 compared to KWD 1.6 million ($5.2 million) in 9M-16, according to a recent statement.
Total revenues stood at KWD 12.1 million, while income from fees and commissions amounted to KWD 8 million, representing 66% of overall revenues in nine months.
Asset Management operations generated a revenue worth KWD 8.4 million, while Asset under Management (AUM) reached KWD 949 million as registered on 30 September 2017.
“The Real Estate Asset Management team closed two acquisitions and placement in the United Kingdom involving equity raising of GBP 28 million,” Global added.
“The Company produced excellent financial results during the nine months of 2017, reporting a two-fold increase to the net profit. We have been reporting profits since Q1 2015, eleven consecutive quarters, thanks to the fee based business strategy and experienced & solid management team,” the board chairman of Global, Hareb Al Darmaki, said.
