Kuwait China Investment Company (KCIC), an investment firm specializing in investments in Asia, today announced a first quarter (Q1) net profit of 4.75 million Kuwaiti dinars, an increase of 157 percent over Q1 2011, with earnings per share of 5.93 Kuwaiti fils. The company also said it saw an increase in net assets value by 6.15 percent from year-end 2011 and a return on equity of 5.62 percent in the first quarter of the year.
Q1 2012 financial highlights:
- Net profit: KD 4.75 million, up 157 percent from KD 1.85 million in Q1 2011
- Total income: KD 5.80 million in Q1 2012, up 124 percent from KD 2.59 million in Q1 2011
- Gains on financial assets doubled in Q1 2012 from Q1 2011
- Investment in associates has started to positively contribute to the income, gaining KD 0.64 million in Q1 2012
- Net assets: KD 87.15 million, up 6.15 percent from year-end 2011.
KCIC Managing Director Ahmad Abdlatif Al-Hamad said, "KCIC was successful at reversing near half of the losses booked in 2011 during the first quarter of 2012 thanks to our "buy and hold" strategy. This is a clear indication that our investments strategy is based on strong fundamentals and have a long-term trajectory.
"While keeping a close eye on risk management, we have an optimistic outlook about KCIC's 2012 prospects in Emerging Asia and the company is well-positioned for market recovery. More people realize the world's growth prospects are in Emerging Asia and the region's long-term growth story is getting stronger and keeps attracting investors from other parts of the world.
"We are also excited about the opening of our Hong Kong office, which enables us to build on our existing links between GCC investors and investment opportunities in Asia."
KCIC is an investment company founded by an Amiri Decree with a capital of KD 80 million and a mandate to invest in domestic demand-driven sectors in Asia, namely energy, real estate, healthcare, infrastructure, and financial services. The publicly-listed company employs a team of Asia specialists and currently manages assets in excess of 260 million US dollars. Key shareholders include the Kuwait Investment Authority - Kuwait's Sovereign Wealth Fund, National Investment Company - one of the leading investment banks in the Middle East), and Al Ghanim Industries- one of the largest conglomerates in the Middle East).
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