Saturday, 15 March 2025
Kamco Invest, a regional non-banking financial services provider, reported a net profit of KWD 4.4 million (USD 14.4 million) for the financial year ending 31 December 2024, a significant increase from KWD 748 thousand (USD 2.4 million) in 2023. Earnings per share rose to 12.72 fils, up from 2.19 fils the previous year.
Total revenue for the year reached KWD 25.4 million (USD 83.1 million), compared to KWD 18.0 million (USD 58.9 million) in 2023. The company’s fee and commission income grew by 15% to KWD 16.9 million (USD 55.3 million), accounting for 66.5% of total income, reinforcing its position as the primary revenue driver. Kamco Invest raised over USD 1.2 billion for various products and transactions and increased its assets under management by USD 1.0 billion, bringing the total to USD 15.9 billion, a 7% growth over the year.
The company’s equity funds and managed portfolios continued to perform strongly. Kamco Investment Fund was ranked the best-performing fund in Kuwait, while Kamco Islamic Fund was the second-best-performing Islamic equity fund, based on data published by Boursa Kuwait.
In alternative investments, which include real estate, private equity, and structured products, the firm distributed USD 58.1 million to clients and assessed new investment opportunities. Kamco Invest also expanded into private debt investments in real estate projects alongside its existing equity investments in real estate assets.
The investment banking division completed 11 transactions worth USD 4.9 billion, including nine bond and sukuk issuances for financial institutions and corporates in Kuwait, Saudi Arabia, the UAE, and Bahrain. The company also managed Kuwait’s largest mandatory tender offer in the insurance sector and an Initial Public Offering (IPO) of an Omani sovereign-owned oil company.
Kamco Invest continued to expand its network and strengthen its global presence, contributing to increased fee-based income. The company’s brokerage arm, First Securities Brokerage Company, grew its client base by leveraging online trading platforms.
The company ended 2024 with KWD 62.3 million (USD 203.9 million) in shareholders’ equity, reflecting a 4.3% increase from the previous year. Capital Intelligence, in its May 2024 review, maintained Kamco Invest’s long-term credit rating at “BBB” and short-term rating at “A3” with a stable outlook.
The Board of Directors has proposed a cash dividend of 5 fils per share, pending shareholder approval at the Annual General Meeting.
Chairman Sheikh Talal Ali Abdullah Al Jaber Al Sabah highlighted the company’s performance despite market challenges, emphasizing its focus on asset management and investment banking as key factors in maintaining its competitive position. He reaffirmed the company’s commitment to expanding in key markets and delivering value to stakeholders.
CEO Faisal Mansour Sarkhou attributed the strong financial performance to business growth across multiple areas, including revenue expansion, managed product performance, and successful transactions. He stressed the importance of fee and commission-based income in sustaining the company’s financial stability, describing it as a differentiating factor in Kamco Invest’s business model.
Photo: Faisal Mansour Sarkhou, Chief Executive Officer and Sheikh Talal Ali Abdullah Al Jaber Al Sabah, Chairman of Kamco Investment Company K.S.C
