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[February 25, 2014]
Markaz Board of Directors Recommends Cash Dividends of 10 Fils [CPI Financial]
(CPI Financial Via Acquire Media NewsEdge) Kuwait Financial Centre (Markaz) announced a net profit of KWD 7.46 million for the year ended 31st December 2013, Earnings per Share (EPS) of 13 Fils as compared with a net profit of KWD 4.04 million (8 Fils per share) during the same period in 2012.
Markaz's improvement in earnings came as a result of favorable returns from investments across all asset classes which represented a gain of 5.53 per cent return on average assets as compared to 2.84 per cent in 2012.
Markaz's total equity base increased by 7 per cent to KWD 109.18 million at the end of December 2013 in comparison to KWD 101.89 million at the end of 2012. Markaz's total assets under management (AUM) reached KD 975 million with an increase of 10 per cent compared to KWD 883 million as of 31st December 2012.
In compliance with regulatory measures by Central Bank of Kuwait (CBK), the financial leverage ratio of Markaz reached 0.25:1 in comparison to the imposed rate by CBK of 2:1, which shows the low leverage rate of Markaz. While the quick ratio, the ratio of liquid assets due within one month should not be less than 10 per cent of total liabilities according to CBK, Markaz's rate was 26.19 per cent. Those percentages reflect Markaz's strategy in maintaining a strong leverage ratio to ensure its shareholders' wealth growth.
Subject to the requisite consent of the relevant authorities and approval of the General Assembly, Markaz Board of Directors recommended a cash dividend of 10 Fils per share to be distributed to the shareholders of record as of the date of the General Assembly.
On this occasion, Markaz's Chairman, Mr. Diraar Y. Alghanim, stated, "Markaz's solidity as a financial institution and its stable performance during these volatile investment conditions shows its ability to forecast future market trends, as dependence on research in investment activities has become a fundamental requirement to enhance the financial strength of institutions operating in the asset management and financial services industry." Mr. Alghanim added, "These good results would not have been possible without the tender and loyalty of Markaz's employees and the dedication they have towards developing dynamic investment solutions and client services under the supervision of an active and professional management." (c) 2014 CPI Financial. All rights reserved. Provided by Syndigate.info, an Albawaba.com company
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