Mubasher: Capital Intelligence Ratings (CI) on Tuesday has reaffirmed the long and short-term foreign currency corporate ratings of Kamco Invest at 'BBB' and 'A3', respectively.
The outlook on the ratings remained ‘Stable’ despite the impacts of the oil prices plunge and the coronavirus (COVID-19) on the Kuwait economy, according to a stock exchange statement on Tuesday.
The ‘BBB’ rating captures good credit quality and a satisfactory capacity for timely fulfilment of financial obligations. Moreover, it indicates acceptable credit characteristics with some vulnerability to adverse changes in business, economic, and financial conditions. It is also the first investment grade in credit ratings.
Moreover, the ‘A3’ rating highlights a strong capacity for timely fulfilment of financial obligations that could be vulnerable to adverse changes.
CI’s affirmation of Kamco’s ratings denotes the latter's robust financial position and underscore its capability to continue improving future performance and increasing investors’ confidence.
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.