• Global shareholders approve 5% cash dividend for the financial year ended 31 December 2014
    Posted: Thursday, May 28, 2015

Global Investment House (Global) held today its Annual General Meeting. The shareholders approved all the agenda items.

Among other things, the shareholders approved the Board of Director's recommendation to pay 5% cash dividend for the financial year ended 31 December 2014 amounting to KWD3.9 million (USD12.9 million) and transfer of 10% of the net profit to the voluntary reserve account amounting to KWD 675,000.

During the meeting, Maha Al-Ghunaim, Vice Chairman & Group Chief Executive Officer of the company provided a summary of the company's performance during 2014 which represents the strongest financial performance since 2009 despite the geopolitical situation in the region and the decline in the GCC markets as a result of steep fall in crude oil prices in the second half of 2014.

The company reported a net profit of KWD6.5 million, a many folds increase over 2013 net profit of KWD1.9 million. Revenues grew by 72% to reach KWD22.5 million.

Fee-based businesses (asset management, investment banking and brokerage) generated revenues of KWD15.2 million, a 29.8% increase compared to 2013 fee-based businesses revenues of KWD11.7 million.

The Company has a healthy capital structure with no external debt and a capital base as at 31 December 2014 of KWD87.3 million. The Company's capital is conservatively deployed primarily in liquid and operating assets.



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