Markaz delivers Net Profit of KD 1.1mln for 9M 2022

Markaz delivers Net Profit of KD 1.1mln for 9M 2022

- Total Revenue excluding Loss from Investments at Fair Value of KD 12.18 million, up by 12.5%

- Management Fees and Commissions of KD 9.3 million, up by 32.7%

- Rental Income of KD 2.8 million, up by 5.3%

Kuwait: Kuwait Financial Centre “Markaz” reported its financial results for the nine months ended 30 September 2022 with Total Revenues of KD 11.24 million, as compared to KD 25.20 million in 9M 2021. This decline was primarily attributed to the severe decline of global equity markets due to inflation, rising interest rates, and ongoing geopolitical instability. These factors have increased the chances of a recession and an uncertain business outlook. Markaz delivered a Net Profit attributable to Shareholders of KD 0.53 million, compared to KD 13.79 million in 9M 2021.

Mr. Diraar Yusuf Alghanim, the Chairman commented: “The world economy continues to face significant pressure impacted by the ongoing war in Ukraine. Many countries are also still dealing with the lingering impact of Covid 19 and government policies in response to its containment. Central banks have gradually increased interest rates to control inflation, which has severe implications for business investments and consumer spending. Combined, these factors have led to global GDP weakness and declining output