Kamco Invest’s nine-month revenue hits 54.7mln

Kamco Invest’s nine-month revenue hits 54.7mln

Kuwait - Kamco Invest, a regional non-banking financial powerhouse with one of the largest AUMs in the region, has reported total revenue of KD17 million ($54.7 million) for the nine-month period, down from KD30 million ($97 million), positively impacted by the increase in fee and commission income.

Announcing the results for the first nine months, the Kuwaiti group said its net profit fell to KD3.8 million from KD8.2 million last year.

The drop in revenue was due to the increase in fee and commission income as well as the performance of the company’s investment portfolio which grew at a slower pace in comparison to the same period last year.

Fee and commission income increased by 2.6% in comparison to the same period in 2021 reaching KD13.8 million, representing 81.1% of the total revenue, it added.

During the third quarter, Kamco Invest had reported losses of KD0.8 million, as a result of unrealized losses on the company’s investments, which were impacted by challenging economic conditions and drop in equity capital markets.

Assets under management stood at $12.9 billion as of September 30, 2022 in portfolios and funds managed on behalf of clients.

Equity funds and managed portfolios continued to outperform their respective benchmarks, whereas the Kamco Investment