Kuwaiti asset manager, Kamco Invest, has posted a US$8.15 million profit for the third quarter, cutting its losses for the year so far to $4.5 million.
The slowdown in business from March onwards as a result of the pandemic saw income from fees and commission drop by 9% compared to Q3 in 2019, reaching $38.67 for the nine months of 2020.
Total assets under management stood at $12.6 billion as of the end of September while total liabilities were reduced by 14% during the quarter to reach $269 million.
Equity funds and managed portfolios continued to outperform their respective benchmarks, states the company’s report.
“Despite the extremely difficult economic and operating conditions, we managed to report positive results in the third quarter, reduced our total liabilities, rationalised our cost base and most importantly retained the level of our recurring fee-based income,” said chief executive, Faisal Mansour Sarkhou. “Furthermore, we were able to sign new mandates, close deals, attract new clients and raise funds for new and existing products.”
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