MANAMA, 29 July 2007 — Global Investment House (Global) announced a net profit of KD46.7 million ($162 million) for the first half of 2007 with an EPS of 56 fils per share and the company’s revenues reached KD73.5 million compared to KD49.3 million for the same period last year. Shareholders’ equity increased from KD244 million at the end of 2006 to KD275 million, while the company’s total assets under management have increased to KD2.390 billion for the first half of 2007 compared to KD1.928 billion for the same period in 2006.
Maha Al-Ghunaim, Global chairperson and managing director, said that during the last quarter Global maintained its active role to add value to the GCC and regional capital markets utilizing diversified financial tools and keeping abreast of the international developments through its strategic investments. In June, Global received the license to open Global Investment House Saudi Arabia (Global-Saudi) as a Saudi joint stock company with a capital of SR50 million.
The new company will be a full fledged investment bank set to carry out various financial services such as the establishment and management of investment funds, portfolio management, international brokerage, private and public placement, underwriting, advisory, dealings as a principal and as agent, and custody.
Al-Ghunaim added: “The other important event was the signing of a $300 million syndicated loan with 29 local and international lenders, pointing that Global had initially requested $150 million.