Mubasher: Global Investment House achieved a net profit of KWD 4.6 million ($15.2 million) during fiscal year 2018 compared to KWD 2.5 million ($8.3 million) in 2017, according to a recent press release.
The Kuwait-headquartered investment company registered total revenues of KWD 14.2 million ($46.7 million) in FY17, while fee and commission income stood at KWD 9.6 million ($31.6million), accounting for 67.5% of total revenues.
Global, a regional asset management and investment banking firm with offices across the Middle East and North Africa (MENA) region, noted that asset management business resulted in total revenue of KWD 9.2 million ($30.5 million) in 2018.
Total assets under management (AUM) totalled KWD 863 million ($2.85 billion), Global said.
The board members recommended not to distribute cash dividends for FY18 and retain the liquidity, following the KWD 7.5 million ($24.7 million) dividends distributed in October 2018 through capital reduction.
“We look forward to successfully conclude the merger, thus creating value to shareholders and further enhancing our offerings with solutions that can protect and grow clients’ wealth even in challenging, uncertain and volatile economic environments,” Global chairman Faisal Sarkhou commented.
