Kamco Invest, a Kuwaiti financial company, has reported a net profit of KWD 10.3 million ($34 million) for the year ended 31 Dec 2021, compared to a net loss of KWD2.7mn in 2020.
Total revenue increased by 99.4 percent to reach KWD30.1mn compared to KWD15.1 million in 2020, while revenues from fees and commissions increased by 34.3 percent compared to 2020 to reach KWD20.2mn, representing 67.2 percent of total revenues.
The company said it raised over $1.1 billion for several products and transactions, distributed around $235mn to clients (capital and income distributions) and grew its assets under management by 12.76 percent to reach $14.6bn by 31 December 2021.
It said Kamco Invest equity funds, Kamco Investment Fund, Kamco Premier Market Index Fund and Al-Durra Islamic Fund were amongst the top performing funds in Kuwait, reporting returns of 29.79 percent, 28.73 percent and 25.72 percent respectively.
The company’s Real Estate Investments team concluded two exits in the UK and Germany generating competitive returns to clients and the real estate assets under management grew to reach $1.35bn.
The Special Situations Asset Management team completed several exits on behalf of clients amounting to $51.6mn. A new foreign fund was established to invest in venture capital companies and was marketed in Kuwait after obtaining the approval of the CMA.
The company said its Investment Banking team managed 22 transactions in 2021 worth $4.8bn and penetrated new markets including Saudi Arabia, Oman, Jordan, and Bahrain besides the previous activity in Kuwait, Egypt, and UAE.