Kuwait Financial Centre (Markaz) has reported its financial results for the first half of 2021 with a net profit of KD10.41 million ($34.5 million), as compared to a loss of KD10.05 million in H1 2020.

The company’s total revenues reached KD19.06 million ($63.2 million) during H1 2021, as compared to a loss of KD1.71 million in the same period last year. Markaz achieved an earnings per share of 22Fils for period.

Diraar Yusuf Alghanim, Chairman stated: “I am pleased to report that Markaz has continued to deliver positive financial performance with improved profitability in H1-2021.The world economy is experiencing an exceptionally strong recovery. Global growth is set to reach 5.6% in 2021, its strongest post-recession pace in a long time, underpinned by the accelerated global movement to overcome the Covid-19 pandemic.

“Markaz has successfully implemented its investment policy to face the circumstances of the regional and global markets, and is well poised to benefit from the post-Covid recovery, supported by our dynamic risk management and asset management strategies.”

Ali H Khalil, Chief Executive Officer stated: “implementing a conservative investment policy, and meeting the market needs for innovative financial services, Markaz’s Asset Management fees has reached KD4.53 million in H1 2021, a 39% y-o-y growth. Investment banking fees increased by 78% y-o-y to KD0.46 million. H12021 real estate rental income increased by20% to KD1.72 million, reflecting the high quality of our real estate portfolio which was well poised to benefit from the markets recovery.”

“Total revenues also include gains from investments of KD11.45 million as compared to a loss due to the pandemic of KD10.2 million in H1 2020.This solid and consistent financial performance is a result of the efficiency of our team, the diversity of our activities, prudent asset allocation, and research based investment selection.

“The Markaz balance sheet remains robust and liquid, our net debt to equity ratio is 0.37x, enabling us to seize arising attractive opportunities. Our Assets Under Management increased for a third consecutive quarter to KD1,037 million at the end of June 2021,” he added. – TradeArabia News Service