Kamco announces financial results for 1H-2013

KAMCO on Wednesday declared financial results for the first half of 2013 ending on June 30, posting net profit of KD 1.5 million with earnings-per-share (EPS) of 6.35 fils in 1H-13, compared to a loss of KD 2.9 million with EPS of (12.14) fils during the same period in 2012. During 1H-13, KAMCO achieved significant growth in the Net Operating Profits after Tax (1.75M KD as against an operating loss of 1.3M KD in 1H-12), a 151% growth in Net Profit and a 42% reduction in Operating expenses, over the same period in 2012. By second quarter of 2013, the company was able to reduce its debt by 15% compared to year end 2012, as a result of its continued financial restructuring and deleveraging efforts. KAMCO's Assets Under Management grew by 17% since the end of 2012 (24% growth over June 2012), reaching KD 2.8 billion at the end of the first half of 2013 with new AUMs representing over 23% of the increase. During the first half of 2013, KAMCO's Total Income increased by 58% Operating Income increased by 69%, as compared to the same period in 2012. On this occasion, Faisal Mansour Sarkhou, Chief Executive Officer (CEO) of KAMCO, said, "It is very heartening to see we are moving towards our goal of achieving the profit targets for the year, more so on attaining significant improvement in the operational side. "Our efforts on the restructuring exercise in the past year are being reflected in our results now. More importantly, our operational efforts, on increasing the AUM and improving the performance of our Managed Funds, have started yielding good results which will continue to get only better as we move along". Sarkhou added, "KAMCO is approaching a new era that will take it to new heights as a major AMIB player in the region, by clearly focusing on our key strengths and by continuing to manage our assets and its leverage entirely directed to our core business, thereby ensuring the confidence and satisfaction of our investors and clients alike. " Established in 1998 with the mission to become a leading local and regional player, KAMCO is today one of the leading Kuwait based Investment Companies. A subsidiary of United Gulf Bank (UGB) - the investment banking subsidiary of Kuwait Projects (Holding) Company (KIPCO) - KAMCO was listed on the Kuwait Stock Exchange (KSE) in 2003.