Boursa Kuwait 9M net profit falls 16.51% to $41mln

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Kuwait - Boursa Kuwait announced a net profit attributable to equity holders of the parent company of KD12.60 million ($41 million) for the first nine months of 2023 (9M), which is a fall of 16.51% on last year.

The decline in the net profit is mainly attributed to reduced total operating revenue as a result of lower trading activity.

Earnings per share for the period was at 62.75 fils and total operating revenue came in at KD22.50 million.Operating profit was KD14.79 million, while total assets were KD114.04 million. Shareholders Equity (Attributable to equity holders of the Parent Company) was KD61.03 million.

Remarkable resilience

"Despite the global economic and geopolitical challenges, Boursa Kuwait has demonstrated remarkable resilience, consistently adapting to market volatility while upholding its strategic goals of enhancing market efficiency and adopting international standards," remarked Boursa Kuwait Chairman Hamad Mishari Al-Humaidhi.

“Boursa Kuwait strengthened Kuwait's position as a regional investment hub, building partnerships with global asset managers, communicating with global investors, and developing a strong, transparent capital market which is essential to the national economy and Kuwait's vision,” Al-Humaidhi added.

Boursa Kuwait CEO Mohammad Saud Al-Osaimi said the exchange is working with its partners to implement enhancements and regulatory projects, testing participants for readiness for new products and services that will boost the market's attractiveness locally, regionally, and globally. The bourse is committed to attracting local and international retail and institutional investments, adopting best-in-class standards and practices.