Kuwait: Kuwait Financial Centre (Markaz) reported a net profit, attributable to shareholders, of KD 3.03 million (EPS 6 Fils per share) for the first half ending 30th June 2014, as compared with a net profit of 3.59 million (EPS 7 Fils per share) during the same period in 2013. Markaz’s total assets under management (AUM) reached KD 1,080 million as of June 30th, 2014, with an increase by more than 10% compared to the AUM as of December 31, 2013.
“The performance of GCC stock markets affected Markaz results for the second quarter of 2014, where S&P GCC recorded a decline of 7.4 per cent in the month of June. Our diversification policy mitigated the volatility of the markets during the first half of 2014 and Markaz funds continued to outperform its respective indices. Meanwhile, Markaz’s Assets Under Management (AUM) grew by over 10% in the first half; the growth was contributed from most of our investment products’ range, and was a result of the solid and consistent performance of our Funds,” Diraar Y. Alghanim, Markaz Chairman, said.
During the first half of 2014, Markaz was awarded Euromoney’s “Best Investment Bank in Kuwait” prize for the second consecutive year. Euromoney’s 2014 Award for Excellence recognized Markaz based on demonstrated breadth of capabilities and excellence in execution of client mandates across debt market transactions, equity transactions, mergers and acquisitions, and advisory work.