Global Investment House has announced third quarter net profits of $243 thousand (KWD) in spite of challenging economic markets.
Global Investment House is a regional asset management and investment banking firm headquartered in Kuwait. The cooperation hosts offices in the MENA region and was proud to announce the work of the company at the quarter end of March 31.
Within the first quarter of 2016, the asset management business stayed strong with $1 billion (KWD) of assets under management. The company stayed focused on meeting the needs of clients through launching products and services that could be used to benefit customers.
Solutions offered by the company include income with low risks. Global Investment House often overachieves goals that are set for clients and currently manages numerous funds and portfolios with a number of approaches and ability levels.
“It is expected that the instability in the region and low oil prices will last for some time, which will continue to have adverse effect on the regional equity markets, investment banking deal flows and new money raising efforts,” Maha Al-Ghunaim, vice chairman and group CEO, said.
Revenues from five different mandates, including advisory and M&A mandates, generated $0.5 million (KWD) in revenue for the Investment Banking team. Two of the mandates were successfully closed during quarter one.
The company was able to reduce operating costs by 12 percent in the first quarter through continued efforts in controlling its cost base.
Global Investment House’s strong capital structure is mostly comprised of liquid and operating assets, with no outside debt and $90.7 million (KWD) in capital base.
“We remain committed to continue creating value to all our stakeholders by offering investment products and services suitable for clients' needs in these challenging times such as special situations asset management, low-risk income-generating investment instruments, among others,” Al-Ghunaim said.