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KAMCO reports $4.6 million net profit for H1 2010.

During the first half, KAMCO posted a net profit of Kuwaiti Dinars 1.32 million ([pounds sterling]4.6 million) which has resulted in earnings-per-share (EPS) of 5.52 Fils, while mid-year revenues stand at Kuwaiti Dinars 5.60 million.

KAMCO's Managing Director and CEO, Sadoun A. Ali said, "Our mid-year results come as a consequence of local and global micro-economic and macro-economic factors. During the year, we refocused our efforts on specific financial services and investment opportunities which are unique to the global phase of economic recovery. These include corporate restructuring, mergers and acquisitions, investment advisory and diversified asset allocation. Our staff will carry forward our foresight-based business approach into the rest of 2010 and beyond. On behalf of the Board of Directors of KAMCO and its Executive Management, I thank our shareholders, business partners, clients and staff for their support through the years and we look forward to achieving better results."

Despite the financial setbacks, KAMCO continued to make significant accomplishments in 2010. For example, it acted as a joint lead manager with NBK Capital in issuing KWD 40 million ($139.7 million) worth of bonds for United Real Estate Company in June.

Furthermore, KAMCO prolongs to fulfil its corporate social responsibility agenda by creating the KAMCO Stock Simulator - a trading simulator which was created for members of the Finance Club at Kuwait University to practice and test their trading skills without the risk of actually losing any money.

2009 CPI Financial. All rights reserved.

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Publication:CPI Financial
Article Type:Financial report
Date:Aug 3, 2010
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