Global Investment House, a Kuwaiti asset manager and investment bank, has a reported a sharp jump in first-quarter profits.
The firm reported a net profit of 2.1 million Kuwaiti dinars ($6.8 million) in the first three months of the year, more than ten times its net profit in the corresponding quarter of 2016.
“The company had an excellent start to the year,” said Hareb Al-Darmaki, chairman, who attributed the good performance to a fee-business driven strategy and positive sentiment in the regional equity markets.
Global Investment House says its assets under management grew by more than 2% to 1 billion dinars during the quarter, a combination of net inflows and positive market gains.
During the three-month period, the firm’s real estate team closed an acquisition and placement of an office complex in Sheffield, UK.
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