Markaz registers net profit of 7 Fils per share for H1-2013


Kuwait Financial Centre “Markaz” [KSE: Markaz, Reuters: MARKZ.KW, Bloomberg: MARKAZ: KK] announced a net profit of KD 3.45 million for the first half ending 30th June 2013, a net profit of 7 Fils per share as compared with a net profit of KD 1.21 (2 Fils per share) during the same period in 2012. Markaz’s total assets under management (AUM) reach KD982.6  million, with an increase by 15% compared to the AUM as of June 30 2012.

Markaz Chairman, Mr. Diraar Y. Alghanim, said “We are optimistic in light of the recent legislations that were geared towards improving Kuwait’s business environment. These legislations included the new companies’ law number 25/2013 and its amendments stipulated by law 97/2013. We also look forward to a legislation to enact a new law concerning companies’ insolvency and creditors’ loss, and as the law to establish the Kuwait Direct Investment Promotion Authority (KDIPA) was issued recently, we anticipate regulatory bodies to support KIDPA by working towards localization of capital to pave the way for the efforts aiming to attract foreign direct investments, which would play a crucial role in Kuwait’s development projects.”

During the first half of 2013, Markaz was awarded as “Best Investment Bank in Kuwait” by Euromoney’s 2013 Award for Excellence. The company’s “Markaz Islamic Fund” also recived an award in Zawya MENA Asset Management Conference and Awards 2013 in the category of “Kuwait Equity Islamic”; the awards were evaluated by the renowned international agency, Thompson Reuters.

Photo caption: Mr. Diraar Y. Alghanim, Chairman, Kuwait Financial Centre, Markaz