KUWAIT: In a meeting of its board members on 10 May 2021, Boursa Kuwait announced an operating profit of KD 3.77 million for the three month period ended March 31, 2021, a 74.32 percent increase compared to the same period in 2020, when the company recorded a profit of KD 2.16 million. The company also announced that it recorded profits attributable to equity holders of the parent company of KD 3.26 million for the three months period ended March 31, 2021, a comparable performance compared to the same period in 2020, when the company recorded a profit of KD 3.27 million.
As a result of the consolidation of the Kuwait Clearing Company, which was previously classified as an associate company, as a subsidiary, the company's total assets came in at approximately KD 110.42 million, which is a 150.65 percent increase versus its 2020 total for the same period of KD 44.05 million.
Shareholders' equity attributable to equity holders of the parent company also increased from KD 35.37 million in March 2020 to KD 56.07 million for the period ended March 31, 2021, an increase of 58.53 percent, while the company generated 16.26 fils earnings per share, which is attributable to the equity holders of the parent company compared to its total of 16.27 fils over the same period in 2020.
Meanwhile, total operating revenue came in at KD 6.73 million, an increase of 80.30 percent over the same period in 2020 which stood at approximately KD 3.74 million, while total operating expenses were KD 2.96 million, an increase of 88.52 percent over the same period's 2020 total of KD 1.57 million.
Boursa Kuwait Chairman Hamad Meshari Al-Humaidhi commented: "We are pleased to have recorded profits of around KD 3.26 million for the first quarter of 2021, in spite of the extraordinary challenges emminating from the COVID-19 pandemic. The results we see today mirror the strength of the operational model and the solid strategy in place, as well as the company's underlying strong financial health, and indicate that the company is able to overcome all obstacles in the market today, thanks to the tireless work and professionalism of our Executive Management and employees."
Boursa Kuwait has matured to become very flexible during the period of uncertainty brought upon by the pandemic, and has diversified its operations with the consolidation of the Kuwait Clearing Company, providing further testatement to the resiliency inherent within its business notwithstanding the circumstances.
Mohammed Saud Al-Osaimi, Boursa Kuwait's Chief Executive Officer, commented on the company's quarterly financials, saying: "As a result of the consolidation of the Kuwait Clearing Company, the company has seen a marked increase in its assets and total operating revenue, as assets were up over 150 percent while total operating revenue increased by over 80 percent.
"Building on these results, we look forward to the further diversification of our operations and investments. I would like to thank the Board of Directors for their support of the company's strategy and its operations, as well as my fellow Executive Team members and all Boursa Kuwait employees for their continuous efforts and contributions."
Boursa Kuwait continues to refine its products and services to benefit issuers and investors of all asset classes in collaboration with the Capital Markets Authority and the Kuwait Clearing Company. Since its inception, the company has strived to develop a strong financial market with high liquidity and credibility through the implementation of a range of structural and technical developments and initiatives that will enhance the position of the exchange, regionally and globally.
Boursa Kuwait continues to implement many steps in accordance with international practices and standards to transform Kuwait into a regional and global investment destination, by focusing on creating an attractive issuer base and broadening its investor base, increasing the depth and breadth of its products, as well as upgrading its infrastructure and business environment to international standards.