Mubasher: Global Investment House achieved a net profit of KWD 1.6 million ($5.3 million) in the first quarter that ended on 31 March 2018, according to a recent statement.
Kuwait’s Global recorded revenues worth KWD 3.9 million ($13 million) in Q1-18.
Global also registered fee and commission income of KWD 2.5 million ($8.3 million) that accounted for 64% of total revenues.
Global is a regional asset management and investment banking firm headquartered in Kuwait, with offices in major capital markets across the Middle East and North Africa (MENA) region.
Asset Management registered KWD 2.7 million ($9.0 million) revenues in Q1-18, while its Asset Under Management (AUM) increase by KWD 16.0 million ($53.4 million) to KWD 926 million ($3.1 billion).
“During the quarter, the real estate asset management team successfully completed the sale of the first property acquired as part of the UK National Commercial Real Estate Program in September 2015 and let to National Air Traffic Services (NATS), achieving total return of 23.6%, internal rate of return of 10.55% of which the income element represented 9.3% per annum,” Global’s statement added.
Global’s Investment Banking team generated KWD 200,000 million ($600,000) in revenues from two M&A mandates in the financial and industrial sectors.
Global has worked on increasing the institutional brokerage business and generated revenues of KWD 300,000 ($900,000).
“The team’s efforts are highly recognized through the successful implementation of the fee-based business strategy thus maintaining high quality of revenues, which remains our priority,” chairman of Global, Hareb Al Darmaki, said.
