Alkhabeer Capital, a major asset management and investment firm based in Saudi Arabia, and authorized by the Capital Market Authority (CMA), announced Monday that its net income for 2013 increased by 40 percent over 2.12 to SR43.3 million.

Its total revenues have grown by 17 percent to SR125 million, and earnings per share risen by 40 percent to SR0.53, according to its financial results for the fiscal year ended Dec. 31, 2013.

At the end of December 2013, total assets under management had grown by 52 percent to SR2.49 billion, while the market value of Alkhabeer’s investment portfolio increased by 20 percent to SR671.5 million, resulting in an improved net income margin of 35 percent.

Chairman of Alkhabeer Capital Saleh Mohammed Bin Laden, said: “As a result of this very strong financial performance, which underlines the validity of our business model, the board of directors is recommending a dividend distribution of 4.8 percent per share before the deduction of any dues, subject to the approval of the General Assembly Meeting to be held on May 8. Constituting the first cash dividend to be paid by Alkhabeer Capital, this marks a major milestone in our growth and development.”

During 2013, Alkhabeer Capital made excellent progress in further diversifying its business portfolio and product offerings. Notable developments include the launch of the company’s third public investment fund — the Alkhabeer Saudi Equity Fund; and its second private equity fund through a private placement — the Alkhabeer Industrial Private Equity Fund II.

“These achievements are the result of the hard work and commitment of our high-caliber business teams during 2013,” commented Executive Director and CEO Ammar A. Shata.

Bin Laden noted: “Based on our solid achievements in 2013, thanks be to God, we face the coming year with renewed enthusiasm and confidence.”