Mubasher: Kamco Invest’s shareholders approved all agenda items during the Annual General Meeting (AGM) for the fiscal year (FY) 2019 and elected the Board of Directors for the next three years.
Shareholders approved distributing 5% cash dividends for 2019, equivalent to 5 fils per share or KWD 1.7 million in total, representing 56% of the net profits, according to a press release on Wednesday.
Key milestones achieved during 2019 were highlighted in the AGM by the company’s vice chairman, Entisar Abdul Raheem Al Suwaidi, including the successful completion of the merger process with Global Investment House.
In this respect, Al Suwaidi said, “The company enjoys a strong financial position with KWD 56.4 million in shareholders’ equity as of 31 December 2019 (2018: KWD 35.7million) and a “BBB” long-term credit rating and “A3” short-term rating with a stable outlook by Capital Intelligence (CI).”
The company’s CEO, Faisal Mansour Sarkhou, remarked, “With assets under management (AUM) amounting to $13.5billion in funds and portfolios comprising various asset classes, strategies, and jurisdictions, Kamco Invest was ranked the fifth-largest asset manager in the GCC region in Moody’s asset management report issued September 2019.”
In 2019, Kamco achieved a net profit of KWD 3.03 million, compared to KWD 2.5 million in 2018, posting an 18.57% annual increase.