Boursa Kuwait, the private entity that manages the Kuwait stock market, has seen its first-half (H1) net profit (attributable to equity holders of the Parent Company) jump 36.8% to KD10.7 million ($35 million).

This is compared to the corresponding period in 2021, when the company recorded net profits of around KD7.8 million.

Announced at a meeting of its Board members, the company generated 53.37 fils Earnings per Share, an increase of 36.8% compared to its total of 39.03 fils over the same period in 2021, while the group’s total assets came in at approximately KD110.8 million, which is an almost 4% increase versus its 2021 total assets for the same period of KD106.5 million.

Equity increase

Equity (attributable to equity holders of the Parent Company) increased from KD52.6 million at June 30, 2021 to KD58.3 million at 30 June 2022, an increase of 10.8%, while total operating revenue came in at KD18.4 million, an increase of 21.8% over the same period in 2021, which stood at approximately KD15.1 million.

Boursa Kuwait Chairman Hamad Meshari Al-Humaidhi commented: “The company has continued to improve on its results year by year, which shows not only the strength of our operational model, strategy, and underlying financial health, but were also indicators of the company’s resilience as well as that of the Kuwaiti capital market.”

He continued: “Despite the volatility in capital markets across the world, we are hopeful that the results made in the first six months are indications of things to come for Boursa Kuwait, which has made considerable gains in achieving the goals of its strategy since its privatization in 2019. The company’s efficient, sustainable and responsible business practices have made it a model issuer and a standout listed company that has drawn the attention of investors worldwide. I would like to thank my fellow Board members, the Executive Team and the esteemed Boursa Kuwait employees for their monumental efforts to develop and enhance the company, the Kuwaiti capital market and the national economy during the year.”

Rise in total traded value

The increase in profits is partly due to a rise in the total traded value by 30.1%, including a 47.5% increase in ‘Premier Market’ traded value compared to the first half of 2021. The recorded traded value for the first half of 2022 came in at approximately KD 8.4 billion, while the traded shares during that period were approximately 31.2 billion, further contributing to Boursa Kuwait’s bottom line.

On June 7, 2022, Boursa Kuwait announced the listing of Ali Alghanim Sons Automotive Company in its Premier Market under the ticker symbol ‘ALG’. The company is included in the Consumer Discretionary sector, and its inclusion on the exchange brings the total number of listed companies to 159, while the Premier Market now includes 27 listed companies.

Mohammed Saud Al-Osaimi, Boursa Kuwait’s Chief Executive Officer, said: “These results indicate that the company enjoys a great deal of investor confidence as well as demonstrating the ongoing value and efficiency of the company.”

More attractive

Al-Osaimi added: “As we continue making improvements to our suite of products and services, as well as making sure market participants are equipped with the knowledge and tools to make informed investment decisions, we remain steadfast in enhancing the Kuwaiti capital market, enticing more companies to list, and making it more attractive to investors.”

He continued: “We remain committed to improving market efficiency and facilitating access to it, as well as enhancing transparency and governance, increasing liquidity and instilling investor confidence as part of our overarching efforts to raise our market’s profile locally, regionally and internationally.”

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