Saudi Stocks plunge for a fourth day: Closing bell

RIYADH: Kuwait-based Kamco Investment Co. posted a profit surge of 132.7 percent in the first quarter of 2022, driven by revenue growth.

The net profit soared to 3.6 million Kuwaiti Dinar ($11.7 million) in the first quarter, from 1.5 million Kuwaiti Dinar in the same period last year, the company reported.

The increase was attributed to the surge in revenue for the same period, which increased by 77.5 percent to reach 9.2 million Kuwaiti Dinar.

The company’s investment portfolio also contributed to its strong performance, as fee & commission income rose by 43.4 percent to reach 4.8 million Kuwaiti Dinar, the company said.

Kamco continued to strengthen its competitive position and attracted new clients through its online trading platforms, it added.

The company witnessed an increase of 75 percent in the trading value on Boursa Kuwait during the quarter.

Founded in 1998, the company was listed on the Kuwait Stock Exchange in 2003 with an authorized capital of $110 million.

Kamco managed 22 transactions in 2021 worth $4.8 billion, and expanded across the Middle East region including Saudi Arabia, Oman, Jordan, and Bahrain, Kuwait, Egypt, and the UAE.