KUWAIT: In a meeting of its Board of Directors on July 30, 2024, Boursa Kuwait announced its interim consolidated financial results for the period ended June 30, 2024, recording a net profit growth of 11.39 percent to reach KD 9.38 million compared to KD 8.42 million recorded during the corresponding period in 2023. Meanwhile, the company’s operating profit increased by 17.02 percent from KD 9.89 million in 2023 to KD 11.58 million in the first half of 2024.

Boursa Kuwait’s total operating revenues increased by 13.22 percent to KD 17.15 million in the first half of 2024 compared to KD 15.14 million during the corresponding period in 2023, while earnings per share rose from 41.94 fils to 46.71 fils, an increase of 11.39 percent. Additionally, consolidated assets increased 3.08 percent from KD 109.99 million in 2023 to KD 113.37 million in the first half of 2024 while shareholders’ equity (attributable to the equity holders of the parent company) went from KD 56.85 million to KD 58.75 million, representing an increase of 3.34 percent.

Commenting on these results, Boursa Kuwait Chairman Hamad Mishari Al-Humaidhi said: “Boursa Kuwait saw an increase in its net profit by 11.39 percent in the first half of 2024, recording a net profit of approximately KD 9.38 million for the period ended June 30, 2024, thanks to its strong operational model and robust financial performance. The exchange continues to play a vital role in developing a sustainable capital market, believing in the importance of enhancing sustainability and governance practices in its operations and among companies listed in the Kuwaiti capital market.”

Boursa Kuwait continued its remarkable achievements in corporate sustainability and environmental, social and governance (ESG) practices, winning six awards from prestigious global magazines during the first half of 2024. These include the “Leadership in Sustainability Transparency” award from Global Finance magazine, “Best Sustainable Corporate Governance” and “Best ESG Development Strategy” awards from The European magazine. Additionally, the exchange received the “Outstanding Contribution to Women’s Empowerment in the Middle East and North Africa for 2023” award, the “Best Capital Markets ESG Strategy in the GCC for 2023” award and the “Outstanding Contribution to Financial Inclusion - GCC for 2023” award from Capital Finance International (CFI), which were announced in June 2024.

Al-Humaidhi added, “The company recognizes that foreign and institutional investors are becoming increasingly interested in ESG standards and has developed an environment attractive to sustainable investments. Winning awards and recognitions in this field confirms our commitment to sustainability and demonstrates that the exchange has been a responsible company since its establishment. I would like to extend my gratitude to my fellow Board members, the Executive Management team, and all Boursa Kuwait employees for their diligent efforts that have enabled us to establish ourselves as a leading exchange in the region and the success story of the Kuwaiti financial scene.”

Boursa Kuwait recorded much-improved performances during the first half of 2024 thanks to the growth in trading volume, which jumped 58.28 percent from approximately 17.08 billion shares to approximately 27.03 billion shares. Additionally, traded value increased by 31.66 percent from KD 5.04 billion to KD 6.63 billion, while average daily traded value (ADTV) increased by the same percentage from KD 42.33 million in 2023 to KD 55.73 million in 2024.

The company also welcomed the listing of Beyout Investment Group Holding Company in its “Premier” Market, which brought the total number of listed companies to 145 and the total of “Premier” Market companies to 34. The listing proves that Boursa Kuwait diligently works to attract substantial listings that add value to the Kuwaiti capital market as part of its progressive strategy to develop a strong and efficient capital market with high degrees of transparency and liquidity.

“Boursa Kuwait continues to achieve its strategic goals to develop a robust financial market with high liquidity and transparency, one that is capable of attracting investors and issuers alike. The results of the first half of this year confirm this progress and help strengthen the company’s position as a pioneering financial market in the region that meets the evolving needs of all its participants. The exchange continues to promote the Kuwaiti capital market and its listed companies to the international investment community as well as conducting field visits to companies looking to list as part of its efforts to solidify its reputation as a leading institution in the Middle East,” said Boursa Kuwait’s Chief Executive Officer Mohammad Saud Al-Osaimi.

The Kuwaiti stock exchange organized its 12th Corporate Day in London in collaboration with Jefferies Financial Group and with the participation of six Kuwaiti companies, an initiative that highlighted its efforts to showcase the most prominent listed companies and increase investor interest in the opportunities it offers. Additionally, the exchange organized its 13th Corporate Day with the participation of six listed companies in collaboration with HSBC, which took place in London in parallel with the GCC Exchanges Conference. Furthermore, in an effort to highlight the benefits and process of listing on the Kuwaiti capital market, Boursa Kuwait hosted a high-level Chinese delegation that included several companies listed on the Hong Kong market in collaboration with ARTE Capital.

Boursa Kuwait has been a key driver in the development of the Kuwaiti capital market and the diversification of the national economy, in line with the goals of the “New Kuwait” vision. Since its inception, the company has worked diligently to create a thriving capital market that attracts local and foreign investors through a broad spectrum of new products and services, infrastructure upgrades and market reform initiatives, as part of its multi-phase market development plans.

Boursa Kuwait was fully privatized in 2019, the first government entity in the country to successfully undergo the process, bringing about greater levels of efficiency. It has also been self-listed since September 2020 and has made great strides in sustaining its operations and business continuity in the face of uncertainties and challenges.

The company has rolled out numerous market reforms and new initiatives as part of its comprehensive multi-phase market development (MD) plans and showcases some of the standout listed companies and the investment opportunities that reside in the Kuwaiti capital market through its series of Roadshows and Corporate Days, putting these companies in touch with some of the world’s leading investment firms and financial institutions and highlighting their financial health and business strategies and outlooks, to help investors gain an in-depth understanding of the benefits and opportunities of investing in Kuwaiti companies.