Kuwait’s Global swings to profit in Q1

May 21, 2014 - 12:00:00 am

KUWAIT: Global Investment House, the Kuwaiti firm which completed a second debt restructuring last year, swung to a first-quarter net profit as fees from its asset management, investment banking and brokerage businesses grew.

Global, which counts the governments of Kuwait and Dubai as shareholders, said its net profit in the three months to March 31 was KD3.1m ($11m). This compares with a loss of KD3.9m in the prior-year period.

Global said its total quarterly revenue rose 86 percent to KD6.1m. Fee-based revenue, which includes asset management, investment banking and brokerage, increased by 30 percent to KD3.4m, according to a filing on Bahrain’s stock exchange. “We are delighted to have returned on a path of profitability after achieving a sustainable solution to our capital structure during 2013,” Chief Executive Maha Al Ghunaim said.