Mubasher: Global Investment House posted a net profit of KWD 1.6 million during the nine-month period ended 30 September, 2016, with fee revenues standing at KWD 8.9 million.

The company has achieved these results “despite extremely challenging market environment and its adverse effect on the regional equity markets, investment banking deal flows and new money raising efforts,” Global said in a bourse statement.

Global’s asset management business remain resilient with KWD 1 billion of assets under management.

The company’s asset management teams distributed KWD 44 million to clients in form of cash dividends and proceeds from successful exits. 

“Investment banking team was mandated to assist clients in Kuwait, Saudi Arabia, Bahrain, and Oman ranging from advisory to M&A mandates, two of which were successfully closed during the period,” the statement added.

Global’s operating cost base was decreased by KWD 1.2 million in the first nine months of 2016, with a 13.0% reduction.

“Global has a healthy capital structure with no external debt and a capital base of KWD 88.2 million,” it added.

“What differentiates us is the quality of our income; over 90% is fee based and less than 15% is generated from dealing with related parties,” Chairman Hisham Al-Otaibi said.