Alkhabeer Capital, an asset management and investment firm headquartered in Jeddah, Saudi Arabia, has reported a net income of SR67.15 million ($17.9 million) for 2015, marking an increase of 17 per cent from the previous year.

A statement from the company said its board of directors has approved the audited financial statements.

During the same period, total assets under management grew by 21 per cent to over SR4 billion.

The board recommended a dividend distribution of 5 per cent per share, subject to the General Assembly approval scheduled for May 12.

Musaad Aldrees, chairman, said: “The year 2015 brought with it a number of significant challenges to the local and regional economy due, in part, to the substantial drop in oil prices as well as continued geopolitical tensions. Nonetheless, we are proud of Alkhabeer’s numerous achievements in 2015, including lucrative strategic acquisitions and successful exits, highlighting our commitment to successful investments, and our team’s significant investment expertise.” –TradeArabia News Service