Boursa Kuwait announces net profits of KD 11.7m for period ended 30 Sept 2021

Boursa Kuwait announces net profits of KD 11.7m for period ended 30 Sept 2021

KUWAIT: In a meeting of its board members yesterday, Boursa Kuwait announced that total operating revenue reached KD 22.2 million for the nine-month period ended 30 September 2021, an increase of 67.4 percent compared to the same period in 2020. The total operating revenue was approximately KD 13.2 million. Net operating profit also increased, by almost 88 percent from KD 7.1 million to KD 13.4 million. The robust performance was underpinned by the strong operational performance reflected in key performance indicators, including a 45.6 percent increase in value traded and a 65.9 percent increase in volume traded for the nine-month period ended 30 September.

The company also announced net profits of KD 11.7 million for the nine-month period ended 30 September 2021. Due to the conversion of the investment in Kuwait Clearing Company (KCC) from an associate to a subsidiary during the third quarter of 2020, a re-measurement of Boursa Kuwait’s existing shareholdings in KCC resulted in a one-time gain on business combination of around KD 13.2 million that contributed to the net profit of KD 21.8 million for the period ended 30 September 2020.

Adjusting for the one-time gain on business combination, net profit shows robust organic growth of approximately 36