Markaz announces profits of KD 1.3 million for Q1-2015

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Markaz announces profits of KD 1.3 million for Q1-2015 13 - May - 2015

Kuwait Financial Centre “Markaz” [KSE: Markaz, Reuters: MARKZ.KW, Bloomberg: MARKAZ: KK] announced a net profit attributable to shareholders of KD 1.31 million for the quarter ending 31st March 2015, an earnings per share (EPS) of 3 fils, compared with a net profit of 2.5 million Kuwaiti Dinar for the same period in 2014. Markaz total asset under management were up 10% to reach to 1.12 billion Kuwaiti Dinar in the end of Q1-2015, as compared with the AUM by the end of the same period in 2014.

Markaz profits in Q1-2015 declined as compared with Q1-2014 due to the waning of MENA equity markets by an average of 5% across all major indices. Losses in MENA Markets during March came after oil prices slid again, and then widened further due to the political situation in Yemen. In this context, Kuwait Stock Exchange declined by 6.7% during March 2015 ending the first quarter with a decline of 2.7%.

As a result of its efforts to expand its product range, Markaz recently launched Mawazeen International Fund, a globally diversified open-ended investment fund that seeks to achieve capital growth while maintaining a low risk profile by investing in ETFs. Markaz has also been actively seeking establishing other funds pending regulatory approval. These funds will complement its existing product range, and will give its clients access to global equity markets and GCC shariah compliant equities.

Established in 1974, Kuwait Financial Centre K.P.S.C “Markaz” is one of the leading asset management and investment banking institutions in the Arabian Gulf Region with total assets under management of over KD 1.12 billion as of March 31st, 2015. Markaz was listed on the Kuwait Stock Exchange (KSE) in 1997.



For further information, please contact:
Osama Al Musallam
Senior Officer
Media & Communications Department
Kuwait Financial Centre K.P.S.C "Markaz"
Tel: +965 2224 8000 ext 1819
Dir: +965 2224 8075
Fax: +965 2241 4499