Kuwait City, May 8: Kuwait Financial Centre “Markaz” (KSE: Markaz, Reuters: MARKZ.KW, Bloomberg: MARKAZ: KK) reported its financial results for the quarter ended 31 March 2024 with Total Revenues of KD 6.06 million, as compared to KD 1.19 million in Q1 2023. Net Profit attributable to shareholders of Markaz was KD 2.77 million for Q1 2024, compared to Net loss of KD 3.18 million in the same period last year.
Mr. Ali H. Khalil, Markaz’s CEO, stated: “The first quarter of the year 2024 witnessed the Kuwaiti market’s anticipation of the National Assembly elections as a key factor influencing Kuwait’s economic and development policies, which in turn is reflected in the investment climate. In addition, global markets saw a significant shift in the forecasts on the inflation landscape and interest rates. Expectations of interest rate cuts boosted shares, although the pace of cuts is likely to be slower than the market had hoped for at the turn of the year.”
Mr. Abdullatif W. Al-Nusif, Managing Director, Wealth Management and Business Development at Markaz, stated: “Assets Under Management grew by 15% to KD 1.30 billion in Q1-2024, compared with Q1-2023. Markaz’s adaptable business strategy and dedicated focus on client goals position us to capitalize on emerging opportunities in asset management and investment banking. Markaz will continue its journey of building successes while focusing on a customer-centric approach and upholding its promise to deliver on clients’ objectives and further cement its position as the trusted partner in wealth creation in the Middle East and beyond.”