KAMCO: Financial Results for First Half of 2012

KUWAIT CITY, August 14, 2012: KAMCO (KIPCO Asset Management Company KSC) today reported its financial results for the first half of 2012 which ended June 30, 2012. As for the first quarter of 2012, KAMCO recorded a net loss of KD 2.9 million with earnings-per-share (EPS) of (12.14) fils, while, for the second quarter, KAMCO realized a net loss of KD 3.3 million or 13.83 fils per share.

KAMCO are in the process of executing the previously announced balance sheet restructuring plan and continuing to provide the best Investment Banking and Asset Management Services in Kuwait. In this regards, this year, KAMCO reached a milestone by becoming the number one bond issue adviser in Kuwait (according to the MENA Capital Report of March 2012 by Bloomberg). The company is the only Kuwaiti company and is the only non-bank or government owned company in the region’s top twenty advisers for bond issuances. It is also worthy to note that KAMCO’s market share as a lead manager for all Kuwaiti corporate bond issuances over the past three years is 67%.

Of KAMCO’s already established funds, the Kuwait Education Fund has seen significant returns of 22.81% since the beginning of the year, thereby securing its position as the country’s most successful fund. KAMCO today has KD2.26 billion of assets under management (as of 30 June 2012), increasing by 3.9% since 31 December 2011.

Acting Chief Executive Officer, Faisal Mansour Sarkhou commented, “We are very proud of the operational achievements and success the company has realized this year. Our successes are dependent on our strong team that we harbor and nurture. These operational successes come during a difficult time not only in our market, but internationally and despite our overall results reflect the restructuring impacts, demonstrating that KAMCO is not immune to the difficult environment facing the investment sector, our operational achievements illustrate that the company has the track record, drive, and focus to achieve its objective in growing the assets under its management and becoming the client’s preferred asset management and financial services provider.”

This press release has been issued by KAMCO.