Kuwait, 03-04-2016: Gulf Investment Corporation (GIC) announced the results of its operations for the fiscal year ended 31 December 2015, reporting net profits of USD 110 million. The announcement comes in the wake of the approval of the financial statements at the ordinary general assembly of GIC, which was held on the 3rd of April, 2016, at GIC’s headquarter in the State of Kuwait.
Those profits have been achieved from the Corporation’s main activities in the financial markets and direct investments in projects. By the end of 2015, Shareholders’ equity amounted to USD 2.5 billion while the leverage multiple reached 1.9 times, which reflects the decline in risk exposure and strong financial position.
Commenting on the Corporation’s results, H.E. Abdul Kader Askalan, Chairman of the Board, said: “During 2015, GIC successfully made a number of important accomplishments, amidst adverse economic developments and implications of lower oil prices, as well as the slowdown in global economic growth. These accomplishments include the continuous restructuring of the Principal investment portfolio, with the aim of reducing concentration of sectors characterized by fluctuating performance, as well as entering into new ones with high return on investments, lowering risk levels while increasing liquidity, in addition to improving cash flow. Moreover, the reaffirmation of GIC’s credit rating by Moody’s, Fitch, and RAM reflect the Corporation’s successful efforts, and is a proof of the sound business model followed by the GIC”.
Mr. Ibrahim Ali Al-Qadhi, Chief Executive Officer, commented saying, “I am pleased that all GIC activities performed well during the year, despite the challenging economic and geopolitical conditions surrounding our region. The strong performance during 2015 can be attributed to the Corporation’s strategy which is based on the diversification of risks and income sources. In addition, the corporation was able to review and develop various investment strategies, strengthen risk management systems, and enhance corporate governance. Also, the Corporation expanded its activities in the region especially in Principal investments which witnessed unprecedented activity. Based on the mission of the Corporation and in line with its goals, GIC will continue to look for and take advantage of investment opportunities within Principal investments and financial markets across the GCC and seize them”. Mr. Ibrahim Ali Al-Qadhi concluded by saying, “I look forward to GIC continuing to achieve its goals for which it was established”.
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