KUWAIT — Global Investment House said first half net profit for 2005 rose to 20 million dinars ($68.4 million), nearly triple the 7.4 million dinar profit in the same period in 2004.
Global’s earnings per share rose to 83 fils from 33 fils, added the statement carried by local newspapers yesterday.
“The six-month period has witnessed tremendous investment achievements...,” Chairman Anwar Abdullah Al-Nouri said in a statement.
The investment firm said its operating revenue rose to 25.98 million dinars from 10.01 million. Return on equity moved up to 39 percent from 21 percent and assets under management totaled 1.4 billion dinars.
It launched three new investment funds and privately placed five companies totaling 115 million dinars in the first half.
Global also launched the Global Opportunistic Fund, the first Pre-IPO fund in the Gulf region with a capital of $500 million. The fund raised over $200 million in the first two weeks, said Nouri. Global also lead managed three private placements amounting to 57 million dinars for Al-Waseela Real Estate Development Projects Co., National International Holding Co (NIH) and Al-Nawadi Holding Co.