Kuwait Financial Center (K.S.C.) “Markaz” [KSE: Markaz, Reuters: MARKZ.KW, Bloomberg: [MARKAZ: KK] announced its financial results for the first quarter of 2015, whereby it recorded “Markaz” Net profit to shareholders amounted to 1.31 million Kuwaiti dinars on March 31, 2015 at a rate of 3 fils per share, compared to net profits to shareholders amounted to 2.5 million Kuwaiti dinars in the same period in 2014. The total assets under management by “Markaz” increased by 10% to reach 1.12 billion Kuwaiti dinars at the end of the first quarter of 2015, compared to total assets under management at the end of the first quarter of last year.
Markaz's profits during the first quarter of 2015 witnessed a decline compared to the profits of the same period last year. These results come in light of the decline in the performance of the financial markets in the Middle East and North Africa by 5%, as an average of all indicators in the region. The region's markets incurred losses in March due to the drop in international oil prices, and then the losses were exacerbated by the political turmoil in Yemen. The Kuwait Stock Exchange witnessed losses of 6.7% during the month of March, recording a decline of 2.7% at the end of the first quarter of 2015.
Markaz is currently seeking to diversify its range of investment products through a number of new investment funds. It has recently launched the Mawazine Global Fund, a globally diversified open-ended fund that aims to achieve capital growth at low risk by investing in Index ETFs. In addition, a number of other new funds are in the process of being established and obtaining regulatory approvals. Markaz aims, through these funds, to provide a qualitative addition to its investment products group, and to provide opportunities for its clients to invest in global stock markets, and Gulf stocks compliant with Sharia.
The Kuwait Financial Center (KSC) "Markaz" was established in 1974 to become one of the reputable financial institutions in the Arab Gulf region in the fields of asset management and investment banking. Markaz currently manages total assets of 1.12 billion Kuwaiti Dinars as on March 31, 2015. Markaz was listed on the Kuwait Stock Exchange in 1997.
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For more information, please contact:
Osama Zaid Al-MusallamMarketing and Public Relations Department,
Company Kuwait Financial Center “Markaz”
Tel: +965 2224 8000 Ext: 1819
Direct: +965 2224 8075
Fax: +965 2249 8740
[email protected]