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Markaz announces net profits of KD 2.39 mln

Kuwait Financial Centre "Markaz"
Kuwait Financial Centre "Markaz"
KUWAIT, Nov 12 (KUNA) -- Kuwait Financial Centre "Markaz" announced a net profit attributable to shareholders of KD 2.39 million with five fils per share for the nine months ending 30th September 2015, compared to KD 6.31 million during the same period in 2014.
Markaz's total assets under management (AUM) reached KD 1.05 billion, while liabilities were KD 144.8 million, said the report, adding that these results come amidst a prevalent negative performance of the GCC equity markets due to low oil prices and geopolitical tension in the region. S&P GCC Composite lost 11 percent during the nine months period, while Kuwait Stock Exchange weighted index dropped by 11.5 percent during the same period. The global markets also declined due to sluggish growth in Chinese economy and uncertainty concerning the US Federal Reserve's plan to raise interest rates. MSCI Emerging Markets Index fell by 17.2 percent, while MSCI WORLD Index lost 7.5 percent, it added.
Meanwhile, the company's corporate finance activities have strengthened throughout the nine-month period, with continued growth of announced and executed merger and acquisition transactions. During 2015, Markaz has been at the forefront of M&A activity in Kuwait and has successfully completed three key M&A transactions; a flagship tender offer in Kuwait's market by Al-Ahleia Insurance for Kuwait Reinsurance completed in the third quarter, acquisition of a company in the hospitality sector and a restructuring transaction. Markaz has also delivered on four general advisory assignments in addition to a pipeline of transactions under execution.
It is worth noting that Markaz recently received "Best Equity Manager in Kuwait - 2015" award by Global Investor Magazine; it is the sixth consecutive year Markaz wins a Global Investor award. Markaz also won "Best Asset Managers for Corporates in Kuwait 2015" from Global Finance magazine. Markaz was also named "Best Investment Bank in Kuwait" by Global Finance in 2015. The award reflects the company's professional skills in executing many successful transactions for its clients in the fields of credit markets, equities, merge and acquisitions along with offering financial consultancy services.(end) fh.ht.maj.ag