Kuwait's NIC records 37 percent rise in profits, asset growth in first half of 2024

(MENAFN) Kuwait's National Investments Company (NIC) has announced a notable 37 percent increase in its profits for the first half of 2024, reaching 5.77 million Kuwaiti dinars, or 7.24 fils per share. This significant growth highlights the company's continued financial strength, as emphasized by Khaled Waleed Al-Falah, Chairman of the Board of Directors, who noted that NIC has successfully sustained its profit growth from the beginning of the year through to the present.

The company's total assets expanded by 9.21 percent, amounting to KWD 266 million by the end of the first half, compared to KWD 243.56 million in the same period last year. Additionally, shareholders' equity increased by 4.45 percent to reach KWD 183.71 million, up from KWD 175.88 million. The company also reported a significant improvement in other comprehensive income, rising to KWD 16.63 million, reversing the previous year's losses of KWD 4.84 million.

NIC's asset management sector performed well despite facing market volatility, driven by regional geopolitical tensions and global economic uncertainties. The company also expanded its market presence by signing a market maker service agreement with two new companies listed on the Kuwait Stock Exchange, increasing its total to 12 companies and solidifying its position as the largest provider of market maker services on the exchange.  

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