National Investments Company (NIC) revealed that it achieved KD 9.251 million net profits or 11.59 Fils per share till the end of the third quarter of 2019.
According to these results, the company posted of 9.95% hike compared to the year-ago period.
Mr. Hamad Ahmad Al-Ameeri, Chairman said in a press release that the companys net profits till September 30 of last year amounted to KD 8.414 million or 10.52 fils per share.
Al-Ameeri said that the total assets managed by the Company amounted to KD 1.064 billion for Q3 2019, pointing out that the total assets value increased to KD 206.401 million, an increase of 3.98% compared to KD 198.509 million for the same period of last year.
Al-Ameeri pointed out that these good financial results achieved by the company came in light of the challenges and geopolitical fluctuations experienced by the GCC and global markets, which reflects the success of the plans adopted by the company and its capabilities in dealing with all developments.
Al-Ameeri said that the reassuring financial results were a reflection of a long-term strategy adopted by the companys board of directors, which the Executive Management is implementing with high professionalism, affirming that these plans are grounded mainly on two important bases; diversifying sources of income and reducing risks, praising the efforts made by the companys Executive Management, which always works to translate the aspirations of the BoD, which spares no effort to achieve the aspirations of shareholders and clients.
For his part, Mr. Fahad Abdulrahman Al-Mukhaizim, CEO of NIC said that the company relies on developing multiple perceptions and plans, to remain fully prepared to deal with any changes that may occur in the regions markets to ensure the stability and balance of the companys performance.
Al-Mukhaizim said that the good performance achieved by NIC is the result of collective cooperation of staff and all sectors and departments, extending his appreciation for the support of the BoD and all employees of the company, stressing that the commitment of the human resources working in the company to achieve the goals set in advance always pays off in terms of selecting good investment opportunities and achieving the desired returns.
Al-Mukhaizim affirmed that NIC is always keen to develop a comprehensive plan to deal with the challenges and developments that occur on the local, regional and global markets, aiming to keep pace with them with decisions and procedures through which it maintains the companys capabilities and the rights of its shareholders.
He pointed out that the total equity attributable to the equity holders of the Parent Company increased to KD 179.830 million in Q3 2019, taking into account that the company distributed KD 6.38 million as cash dividends for FY 2018.
Al-Mukhaizim affirmed that the total comprehensive income at Q3 2019 increased to KD 14.505 million, an increase of 3.27% compared to KD 14.046 million for the same period last year.
Al-Mukhaizim added that NIC has successfully completed many mandates and projects assigned thereto, highlighting that NIC acted as Subscription Agent in the capital increase shares of Warba Capital Holding Company at a total value of $ 25 million
Al-Mukhaizim affirmed that NIC portfolios are characterized with diversification that enables them to meet the needs of all clients, and thus maintain its leading role in the market.
In the context of the press release, Al-Mukhaizim said that the performance of the portfolios managed by NIC was positive. The conventional portfolio managed to outperform its benchmark return, recoding a growth of 19.18% since the beginning of the year against S&B Kuwait – price index which recorded 12.34%.
In respect of the performance of investment funds managed by NIC, Al-Mukhaizim said that Al Wataniya Investment Fund, one of the leading investment funds in terms of performance in the field of investment in the Boursa Kuwait, has achieved returns of 243.46% since its inception, and has maintained a very good rate of return since the beginning of the year till the end of last August at 16.17%, as it maintained its high ranking among the category of large funds whose size exceeds KD 60 million, noting that the Kuwait Investment Authoritys contribution in Al Wataniya Investment Fund amounted to more than 74%.
Real Estate Sector
In terms of the Real Estate Investment Sectors performance at NIC which manages real estate portfolios, Al-Mukhaizim said that the companys portfolio, which falls within that sector, contains generating and non-generating properties at a total number of 1500 units, an increase of 15.5% compared to 2018.
He noted that work is underway to receive a new number of private real estate portfolios owned by third parties.
Al-Mukhaizim added that the positive results achieved by NIC, and maintaining its excellent indicators, are attributable to its ability to keep pace with the fluctuations of the local and Gulf investment market, stressing its constant endeavor to capture good investment opportunities that live up to advanced investment standards available in the local and global investment market, with a focus on more opportunities, and operating and income-generating assets.
Al-Mukhaizim highlighted the awards won by the National Investments Company in 2019, including 3 global awards from one of the leading platforms; “Global Finance & Banking Awards”. All these awards came as a culmination of its outstanding performance, which is added to its successive records of success, pointing out that the company won certificates and awards as the Best Gulf Investment Advisor, the Best Gulf Investment Manager and the Best Investment Company in Kuwait.
In conclusion, Mr. Hamad Al-Ameeri, extended his thanks and appreciation to the Board of Directors, the Executive Management and all employees of the company, for their efforts to continuously achieve this performance and positive growth that is always in line with NIC strategic plan.