Alkhabeer 2011 net profit jumps 74pc
Dubai, May 7, 2012
Alkhabeer Capital, a Saudi based asset management firm providing Sharia compliant investment services, has posted a net profit of SR19.1 million ($5.09 million) in 2011, marking a 74 per cent growth over the previous year.
The group’s revenues grew by 18 per cent to SR64.6 million as against SR54.8 million in 2010, reflecting strong new business growth across the group, said Ammar Shata, executive director & chief executive officer, at the annual general meeting.
“I am delighted to report that 2011 was an excellent year for Alkhabeer Capital. The net profit increase was driven by the growth of assets under management and robust investment returns with a strong net profit margin of 30 per cent,” he added.
“Overall, as reported in our full year results, our Company’s investments increased by 71 per cent to SR559.5 million (2010: SR327.4 million) driven by strategic investments in real estate, capital markets, asset backed securities and unlisted equities in addition to capital appreciation of these investments.”
“I am pleased to highlight that our Asset Management business performed strongly with assets under management increasing by 169 per cent to SR1.4 billion (2010: SR 535 million) with a range of new funds launched across different asset classes such as the Alkhabeer Global Commodity Fund and the Alkhabeer GCC Equity Fund,” Shata said.
“In addition to our financial performance, we have invested across AKC disciplines whereby we have strengthened our product development and placement teams to cater to the phenomenal growth that we are experiencing whereby our client base has increased by 247 per cent.
“We have started 2012 very well and are committed to providing our client base with innovative Sharia compliant investments products and services that focus on the Global & Local Capital Markets, Real Estate, and Private Equity sectors.
“We are well positioned for steady long term growth, driven by the demand for quality Sharia compliant investment solutions and I look forward to reporting further updates shortly,” Shata concluded. – TradeArabia News Service
More Finance & Capital Market Stories
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO
- Du enters $1.17 billion financing deals