Kuwait City, Kuwait— Boursa Kuwait has posted a net profit of $59 million for the financial year ended December 31, 2022, a 13.3% increase from its 2021 total of $52 million.
The company also recorded operating revenue of $115 million over the same period, an increase of 12.8% .
Its earnings per share increased 13.3% from 79.15 fils in 2021 to 89.67 fils for the financial year ended December 31, 2022.
Additionally, the Group’s total assets came in at approximately $391 million as of December 31, 2022, which is an 8.3% increase versus the 2021 total of $361 million.
As a result, Boursa Kuwait’s board of directors proposed the distribution of cash dividend of 85 fils per share for the financial year ended December 31, 2022, which is approximately 94.8% of the company’s profit. The proposed cash dividend distribution is subject to approval by the Annual General Assembly as well as approval from the relevant regulatory authorities.
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Boursa Kuwait Chairman Mr. Hamad Mishari Al-Humaidhi said: “I am pleased to announce that Boursa Kuwait was successful once again in delivering remarkable results, as we recorded an increase of 13.3% in our net profit from KD 15.9 million in 2021 to KD 18 million this financial year, a reflection of our company’s solid operational model, strong financial health, and resilience. Thanks to the efforts of our highly trained and skilled workforce, we were able to reach tremendous performance levels, overcoming the challenges presented throughout the year and prevailing through the state of turmoil caused by the geopolitical tensions gripping the financial scene around the world.”
The Kuwaiti capital market capped off 2022 with an exceptional performance, as total market capitalization increased 12.9% from KD 41.4 billion in 2021 to reach KD 46.7 billion.
Meanwhile, total foreign turnover activity increased by 29% in 2022, as the total value of trades made by foreign and GCC investors came in at KD 5.5 billion, while active investing by international investors came in at around KD 760 million.
In addition, total foreign turnover activity made up 18% of the total trades in the Kuwaiti capital market, compared to the previous year’s 14% of turnover activity, while institutional investor activity increased from 54% of total turnover activity in 2021 to 61% in 2022, an increase of around 13%.
The “Premier” Market posted total capitalization of KD 37.4 billion, with almost 22.6 billion shares traded at a value of KD 10.8 billion on over 1.6 million trades, while the “Main” Market posted a total capitalization of KD 9.3 billion, with over 33 billion shares traded at a value of over KD 3.9 billion on 1.3 million trades during 2022.
Mr. Mohammed Saud Al-Osaimi, CEO: Boursa Kuwait’s Chief Executive Officer, Mr. Mohammad Saud Al-Osaimi, also commented on the company’s results for the year, saying: “Despite the fluctuations in capital markets around the world as well as economies seeing unprecedented inflation levels, with many states drafting economic policies to curb them, Boursa Kuwait was able to develop its operations, as the total market capitalization increased 12.9% compared to 2021 to reach KD 46.7 billion. We were also successful in attracting institutional international investors, as total foreign turnover activity was up 29%, with a total traded value of KD 5.5 billion, a testament to their increasing confidence in Kuwait’s capital market.”