Kuwait Financial Centre (Markaz) on Monday announced earning three million Kuwaiti dinars (six fils per share) in the first half of this year, compared to KD 3.59 million (seven fps) in the same period of the past year.
Markaz Chairman Dherar Al-Ghanem said in a statement that the total managed assets exceeded KD one billion, rising by 10 percent, on June 30, in contrast to those recorded on June 30, 2013.
Bearish trends posted in the GCC stock markets negatively impacted on Al-Markaz’s results in the year’s 2Q, where Standard & Poor’s posted a 7.4 percent decline in these markets in June.
However, these markets fluctuations “were largely absorbed” in 1Q of 2014, where the company assets grew 10 percent reaching more than KD one billion.
Al-Markaz, in the year’s 1st half, was classified by the Euromoney forum as the best investment bank in Kuwait for the second consecutive year.
The company, founded in 1974, manages KD one billion worth of assets. It was enlisted by the KSE in 1997.
Source : KUNA Kuwait News agency
