Markaz reported Net Profit of KD 10.41 million in H1 2021

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Markaz reported Net Profit of KD 10.41 million in H1 2021 12 - Aug - 2021

Kuwait Financial Centre “Markaz” (KSE: Markaz, Reuters: MARKZ.KW, Bloomberg: MARKAZ:KK) reported its financial results for the first half of 2021 with total revenues of KD 19.06 million, as compared to a Loss of KD 1.71 million in the same period last year. Markaz achieved a Net Profit of KD 10.41 million, as compared to a loss of KD 10.05 million in H1 2020, and Earnings Per Share of 22 Fils for the half year ended June 30, 2021.

Mr. Diraar Yusuf Alghanim, Chairman stated: “I am pleased to report that Markaz has continued to deliver positive financial performance with improved profitability in H1-2021. The world economy is experiencing an exceptionally strong recovery. Global growth is set to reach 5.6% in 2021, its strongest post-recession pace in a long time, underpinned by the accelerated global movement to ovecome the Covid-19 pandemic. Markaz has succesfully implemented its investment policy to face the circumstances of the regional and global markets, and is well poised to benefit from the post-covid recovery, supported by our dynamic risk management and asset management strategies.”

Mr. Ali H. Khalil, Chief Executive Officer stated: “implementing a conservative investment policy, and meeting the market needs for innovative financial services, Markaz’s Asset Management fees has reached KD 4.53 million in H1 2021, a 39% y-o-y growth. Investment Banking fees increased by 78% y-o-y to KD 0.46 million.  H1 2021 real estate rental income increased by 20% to KD 1.72 million, reflecting the high quality of our real estate portfolio which was well poised to benefit from the markets recovery. Total revenues also include gains from investments of KD 11.45 million as compared to a loss due to the pandemic of KD 10.2 million in H1 2020. This solid and consistent financial performance is a result of the efficiency of our team, the diversity of our activities, prudent asset allocation, and research based investment selection. The Markaz balance sheet remains robust and liquid, our net debt to equity ratio is 0.37x, enabling us to seize arising attractive opportunities. Our Assets Under Management increased for a third consecutive quarter to KD 1,037 million at the end of June 2021.”