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Kuwait Report
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StoriesApril 12, 2017
Kuwait Finance and Investment Company (KFIC) 2016 Financial Results: 211,000 KD Net Profit for 2016
- Written by Scherzando Blaise Karasu
- Published: April 12, 2017
Kuwait, 4 April 2017
Kuwait Finance and Investment Company (KFIC) announced its financial results for the year ended December 31, 2016 in which it yielded a net profit of 211 thousand Kuwaiti Dinars at an EPS of 0.70 fils per share, compared with a profit worth of 985 thousand Kuwaiti
Tareq Mishari Al Bahar, KFIC’s Board Member & CEO stated that “Despite the unstable environment in the GCC markets in the recent period, KFIC remarkably maintained its profitability. This in return reflects the company's solid strategy in diversifying its investment portfolio, in which KFIC relies on generating revenues and sustainable levels of cash flows from financing activities, asset management and income generating investments rather than, relying on trading in the financial markets.
Al Bahar then added: “Currently the company has a strong financial position and a promising growth potential. Where the total assets have amounted to 68 million Kuwaiti Dinars, out of which the current assets have amounted to 21.9 million Kuwaiti Dinars. On the other hand, the total liabilities amounted to 26.4 million Kuwaiti Dinars, out of which the current liabilities amounted to 5.3million Kuwaiti Dinars. Furthermore, the equity of the shareholders of the parent company has amounted to 38.1 million Kuwaiti dinars.”
Al Bahar then concluded: “We are always keen on finding variety of effective investment products that yield acceptable rates with limited risks, in order to meet the expectations of our valuable clients. Moreover, KFIC in continuing its plans to exit from some of the non-yielding investments and diversify the investment portfolio geographically to minimize risks.
About Kuwait Finance and Investment Company (KFIC):
Interview with Tareq Mishari Al Bahar, KFIC’s Board Member & CEO of KFIC: Kuwait Finance and Investment Company (KFIC), a Well-Established Asset Manager in Kuwait
In an exclusive interview for Marcopolis, Al Bahar commented on the activities of KFIC followingly: “Since year 2003, we are in KFIC providing full-fledged financial services to our clients. We are providing portfolios and fund management through our Asset Management Team. Currently, we have approximately USD 1 billion of assets and funds under management. We also offer to our clients investment banking services and unique structured products that fit clients’ risk appetite.”
Regarding the strengths of KFIC vis-a-vis other asset managers in Kuwait, Al Bahar pointed out: “The diversity of KFIC’s activities is differentiating KFIC from its competitors and enabling KFIC to explore the growth opportunity in each activity when market conditions become favourable for such growth. For example, during the financial crisis, we witnessed a steep decline in asset management and brokerage revenues, while a steady cash flows was generated from financing activity.”
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