(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, March 29 (KUNA) -- KAMCO Investment Company announced Wednesday a net profit of KD 1.27 million (USD 4.16 million), an increase of 144 percent compared with KD 523.6 million in 2015.
The company's revenue for the year stood at KD 8.29 million (USD 27.2 million), with an increase of 13 percent as compared to KD 7.34 million in 2015, KAMCO Chief Executive Officer Faisal Sarkhou said in a press release.
KAMCO recorded earnings per share of KD 5.36 fils, a 144 percent increase compared with KD 2.20 fils in 2015, he added.
"During the first half of 2016, we witnessed a wave of volatility that was followed by an upsurge in developments during the last quarter of the year," he said.
"This was triggered by key global events such as Brexit and the US elections, both of which led to unexpected outcomes in the global equities market. The OPEC and non-OPEC oil producers' agreement to cut oil production further supported the GCC equity markets recovery during the last quarter, pulling the benchmark indices from the red and into the green," Sarkhou said.
He went on saying that KAMCO's positive performance was further supported by an upward trajectory in the capital markets witnessed primarily towards the end of 2016.
Furthermore, he reiterated that the Company would continue to implement its robust strategy with a focus on maximizing returns for its valued investors and shareholders through capitalizing on significant investment opportunities, diversify its investment portfolio with an emphasis on generating attractive risk adjusted returns and participate in key transactions and acquisitions. (end) fh.afh.mt
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