KUWAIT: Boursa Kuwait announced its interim consolidated financial information for the nine months ended September 30, 2024, increasing its net profit by 14.50 percent to KD 14.43 million ($47.08 million), compared to KD 12.60 million ($41.11 million) recorded during the corresponding period in 2023. Meanwhile, the company’s operating profit increased by 21.27 percent from KD 14.79 million ($48.25 million) in 2023 to KD 17.93 million ($58.50 million) for the corresponding period in 2024.

Boursa Kuwait’s total operating revenues increased by 16.42 percent to KD 26.20 million ($85.48 million) during the first nine months of 2024 compared to KD 22.50 million ($73.41 million) during the corresponding period in 2023, while earnings per share rose from 62.75 fils to 71.85 fils, an increase of 14.50 percent. Additionally, consolidated assets increased 4.34 percent from KD 114.04 million ($372.05 million) in 2023 to KD 118.99 million ($388.21 million) in the nine months ended September 30, 2024, while shareholders’ equity (attributable to the equity holders of the parent company) rose from KD 61.03 million ($199.11 million) to KD 63.80 million ($208.15 million), representing an increase of 4.53 percent.

Commenting on these results, Boursa Kuwait Chairman Hamad Mishari Al-Humaidhi said: “Boursa Kuwait’s exceptional financial results for the period ended September 30, 2024 are a testament to the company’s strong performance and strategic foresight. This success is driven by a robust operating model and a solid financial foundation, enabling us to achieve our long-term goals. The significant increase in net profit reinforces our unwavering commitment to delivering strong shareholder value and indicates investor confidence in our sustainable growth trajectory.”

Al-Humaidhi added, “Driven by our strategic objectives, Boursa Kuwait is actively enhancing market performance and efficiency. This commitment, achieved through adherence to international governance and corporate sustainability practices, strengthens our position among emerging financial markets and fosters sustainable growth within the Kuwaiti financial landscape. I sincerely thank my fellow Board members, the Executive Management team, and all Boursa Kuwait employees for their unwavering dedication and diligent efforts, which have secured our position as a leading exchange in the region and a true success story in the Kuwaiti financial scene.”

Boursa Kuwait recorded much-improved performances during the nine months ended September 30, 2024, thanks to the growth in traded volume, which grew by 53.54 percent from approximately 28.55 billion shares to approximately 43.83 billion shares. Additionally, traded value increased by 35.8 percent from KD 7.51 billion ($24.49 billion) to KD 10.20 billion ($33.27 billion) while average daily traded value (ADTV) increased by 33.59 percent from KD 41.72 million ($136.06 million) in 2023 to KD 55.74 million ($181.78 million) in 2024,” added Humaidhi.

“Boursa Kuwait’s results for the period ended September 30, 2024 indicate the strength of the Kuwaiti capital market, which has demonstrated remarkable resilience despite the global economic headwinds and geopolitical risks. The company saw remarkable growth in traded values and volumes, as trading value saw a 35.82 percent increase to reach KD 10.20 billion, while traded volumes increased 53.54 percent to 43.83 billion shares, a strong indicator of the stability of the Kuwaiti capital market and investor confidence in it”, said Mohammad Saud Al-Osaimi, the Chief Executive Officer at Boursa Kuwait.

The increase in trading volumes during the third quarter of 2024 was driven by increased activity in the “Main” Market, which accounted for 35 percent of traded value during that period, a marked increase from the corresponding quarter in 2023 when it accounted for approximately 25 percent. Retail investors made up 38 percent of the traded value in 2024, an increase from 33 percent in 2023, while institutional investors continued their dominance of the market, accounting for 62 percent of the total traded value in the Kuwaiti capital market. Additionally, foreign participation in the market improved as trade confirmations went from 605 thousand in 2023 to 836 thousand in the period ended September 30, 2024, an increase of 38.04 percent.

Local investors comprised 83 percent of the traded value of the Kuwaiti capital market in 2024, while international investors (including GCC nationals) accounted for the remaining 17 percent. In addition, the total number of active trading accounts grew from 18.8 thousand in September 2023 to approximately 22.4 thousand at the end of September 2024, representing an increase of 19.3 percent, while market maker trading activity went from KD 1.05 billion in 2023 to KD 2.04 billion in 2024, an increase of 93.61 percent.

Al-Osaimi added, “We’ve seen significant growth in trading activity, particularly in the “Main” Market, demonstrating its appeal to individual investors. Additionally, we have seen a 93.61 percent increase in market maker traded value, indicating its effectiveness and efficacy.” He emphasized that Boursa Kuwait remains a compelling destination for institutional investors, who comprise the majority of the market, further enhancing its stability.

“The exchange continues to attract international investors,” Al-Osaimi noted, “strengthening Kuwait’s position as a regional investment hub.” He attributed this success to Boursa Kuwait’s strategy of diversifying its investor base and stimulating liquidity. “These results are extremely encouraging,” he said, “and we remain committed to achieving sustainable growth.”

Al-Osaimi concluded by expressing his gratitude to Boursa Kuwait’s partners and investors. “Thank you for your confidence in the company and its vital role in supporting the national economy,” he remarked.

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.