In this regard, Khaled Walid Al-Falah, Chairman of the Board of Directors, said: National Investments Company In a press release, the company maintained its financial profits for the third quarter of this year 2024, as an extension of the first and second quarters until now, which came in line with the wise strategy and flexibility to adapt to market conditions and the changing environment, which in turn proved its strength in facing local and global economic challenges. Achieving competitive advantage and success in the diversified business mix, which resulted in recording notable profits in the main financial indicators, as total assets witnessed a growth of 13.8 percent, rising to a value of 272.2 million Kuwaiti dinars at the end of the third quarter of the current year, compared to a total value of 239.3 million Kuwaiti dinars. Assets in the corresponding period of 2023, in addition to an increase in the total shareholders’ equity of the parent company by 9.8 percent to reach 189.6 million Kuwaiti dinars, compared to 172.7 million Kuwaiti dinars at the end of the third quarter of 2023.
And I recorded Revenue Other comprehensive losses grew during the third quarter of the current year to reach 18.1 million Kuwaiti dinars, an increase of 387 percent compared to other comprehensive losses amounting to 6.3 million Kuwaiti dinars in the corresponding period of last year.
Al-Falah pointed out that the National Investments Company continues to reap the returns of its diversified strategic approach in products and services, maintaining its position and enhancing its leadership role locally and regionally in maintaining profitability in the third quarter of this year, supported by a solid financial base, high asset quality, selected investments, and prudent risk management, which It helped the company achieve positive rates in profitability indicators, which confirms the achievement and disciplined performance of the company’s strategy, which had a clear impact in achieving its desired goals.
For his part, Fahd Abdul Rahman Al-Mukhaizeem, a member of the Board of Directors and CEO of the National Investments Company, said, “We have completed the third quarter of the current year, 2024, with sustainable growth, as the National Investments Company focused its efforts on keeping pace and meeting the needs of the company’s clients, and the ability to provide the best services based on Innovations and advanced digital technologies also confirmed the success of the company’s well-established plans in all its sectors, which helped increase the number of those wishing to invest in distinguished opportunities, also through investment portfolios managed by the company for individuals and institutions locally and globally.
Regarding the performance of the asset management sector, Al-Mukhaizeem praised the fruitful performance of our investment products, as our specialized investment funds achieved returns that exceeded comparative indicators during the past nine months, which came despite the presence of many negative risks that affected the financial markets, such as geopolitical tensions on the one hand and fluctuations in economic data. Global on the other hand.
During this period, the Financial Instruments team also succeeded in signing a market maker service agreement with two companies listed on… Kuwait Stock ExchangeThus, the number of companies in which our company serves as market maker for their shares has risen to 13 companies, including companies that we have maintained to remain among the components of the first market, which makes our company one of the largest investment companies in providing market maker service on the Kuwait Stock Exchange.
Al-Mukhaizeem pointed out that the investment banking sector will continue during the third quarter of 2024 due to the continuation of the investment momentum that was achieved through obtaining new contracts. Among the most notable achievements is the sector’s signing of a new contract in the food and beverage sector in Kuwait, with the aim of offering and listing its company on the first market of the Kuwait Stock Exchange. It will assume the role of the main coordinator, listing advisor, and financial advisor for the offering process. In addition, a consulting contract was signed for the sale of a leading industrial company, and the sector also succeeded in implementing another consulting contract for the sale of a share in a company listed on the Kuwaiti main market for the benefit of one of the company’s clients.
On a related level, the Investment Banking Sector succeeded in completing two budget investments to develop logistical warehouses in France, and the sector continues to develop new relationships with specialized real estate developers with a proven track record of success. Currently, the sector is evaluating and in the final stages of due diligence for a real estate developer focusing on multi-family housing in the United States of America, in addition to evaluating some other opportunities in the field of alternative investments in promising sectors, in order to present them to our clients.
The wealth management sector also continued to achieve achievements by continuing to work towards attracting new capital to the company, as the value of the company’s managed assets witnessed a remarkable and distinctive growth during the first nine months of 2024 in light of the sensitive geopolitical conditions taking place in the region, and the sector is developing several platforms for digital transformation. Including the new National Investments Company platform for customer service.
Al-Mukhaizeem pointed out that Investment sector Real estate Which witnessed a noticeable improvement, and also witnessed an increase in occupancy rates in the company’s properties and the properties managed by it during the third quarter of the current year to unprecedented rates that reached 100 percent in some properties, and thanks to the professional approach taken by the company in real estate management, it was able during the third quarter From signing contracts to manage and operate a number of new real estate portfolios with diverse activities thanks to the excellent operational performance of the real estate sector.
At the level of the digital transformation strategy, Al-Mukhaizeem stated that among the company’s strategic investments is adopting modern financial technologies by working to develop financial products and digital services that keep pace with the developments and needs of customers interested in digital financial markets, in order to align digital transformation initiatives with the company’s strategic objectives, which contributes to In business growth and success in general.
