KCIC reports KWD 1.03 million in profit for 2013

11/03/2014 19:17 AST

KCIC, which specializes in investments in domestic demand-driven sectors in Asia, has announced a net profit of KWD 1.03 million for the year 2013, with an earnings per share of 1.30 fils and a return on equity of 1.12 per cent for 2013. The company reported KWD 7.80 million in revenues, while its net assets stood at KWD 96.57 million at the year ending on December 31, 2013.

KCIC Vice Chairman and CEO, Ahmad Abdlatif Al-Hamad said, "Despite the rapid changes that took place on the global economic level in 2013, including the development of new sources of energy in the US and the continued political instability in the region, Asia's strong fundamentals remained unaffected and continued to offer profitable opportunities."

Al-Hamad added, "We look forward to successfully continue assisting leading institutions as well as individual investors to access these opportunities as we act as their Gateway to Asia." KCIC has a long-term view on its strategy to become one of the leading asset managers in the region focusing on Asia. The company has one of the healthiest balance sheets amongst its peers utilizing no leverage and has built a world class platform with talented individuals and cutting edge systems and processes.

2014 Outlook
Al-Hamad said, "We look forward to a more successful year in 2014, as we remain fully convinced that Asia will continue to be the main driver for global growth and bringing with it exciting investment opportunities to capitalize on."

Listed on the Kuwait Stock Exchange, KCIC invests in domestic demand driven sectors in Asia, namely energy, real estate, healthcare, infrastructure, financial services and consumer related services.

CPI Financial