Global Investment House (Global) announced here on Sunday its financial results for the first nine months ending on 30 September 2014, recording a net profit of KD 7.0 million (USD 24.0 million).
Total revenues of the Company grew to KD 16.9 million (USD 57.9 million), a 64 percent increase over first nine months of 2013, the group said in a statement.
Global CEO Maha Al-Ghunaim said in the first nine months of 2014 Global generated KD 11.6 million (USD 39.7 million) of total revenues from the fee-based businesses of asset management, investment banking and brokerage, representing 68.6 percent of the total revenue generated for the period.
Revenues from fees and commissions grew by 21 percent compared to 9M 2013 to reach KWD 10.1 million (USD 34.4 million(, she said.
During the first nine months of 2014, the Asset Management business remained resilient with KWD 1.3 billion (USD 4.3 billion) of assets under management. Global manages 24 funds spanning from money market funds to private equity funds, she said in the statement.
Also in the same period, the Company's KWD 11.9 million (USD 40.7 million) co-investments in managed funds generated a KWD 1.2 million (USD 4.0 million) mark-to-market income and some of the Company's flagship funds crossed the high watermark thresh-holds for incentive fee (carry), he added.
"The Company's positive results achieved for the third quarter in a row and most of the revenues being generated by the core businesses are testaments to the success of the company's strategy to focus on its fee generating businesses and reaffirm our belief that the Company is on a path of sustainable profitability," she said.
She added: "We have seen since the beginning of the year, a marked improvement across all business sectors and regional offices thanks to the trust of our clients in the company. Today, the company's financial position, its regional presence and the human capital provide Global with a competitive edge to continue developing its fee based core businesses at the local and regional levels and serve its clients more effectively".