Riyadh – Mubasher: Alkhabeer Capital reported SAR 188 million ($50.13 million) in operating income for fiscal year 2018, according to a statement on Sunday.

The Saudi-based asset management company increased its investment in private equity and real estate by 14.8% to SAR 1.5 billion over the course of the previous year.

Moreover, the firm’s assets under management (AUMs) grew 16.7% year-on-year to SAR 5.6 billion, while fee income surged 20% to SAR 64.5 million last year.

Placements also soared 59.3% to SAR 803 million, supported by the initial public offering (IPO) of Alkhabeer REIT.

“The IPO of Alkhabeer REIT successfully raised more than SAR 247 million from more than 25,000 subscribers,” Alkhabeer Capital’s CEO, Ahmed Saud Ghouth, revealed.

On the other hand, the firm’s earnings before income tax and zakat fell 7%, logging SAR 56.9 million in the previous year.  

“Alkhabeer Capital recorded a number of achievements in 2018, most notably in further diversifying [its] business and offerings to clients,” Alkhabeer Capital’s chairman, Musaad Mohammad Saad Aldrees, said.