Boursa Kuwait records 8.63 percent increase in its net profit for Q1 2024
KUWAIT CITY, May 5: In a meeting of its Board of Directors on May 5, 2024, Boursa Kuwait announced its consolidated financial results for the quarter ended March 31, 2024, posting a net profit growth of 8.63 percent to reach KD 4.68 million compared to KD 4.31 million recorded during the corresponding period in 2023. Meanwhile, the company’s operating profit increased 9.81 percent from KD 5.08 million in 2023 to KD 5.58 million in 2024.
Additionally, Boursa Kuwait’s total operating revenues increased by 9.31 percent to KD 8.37 million in the first quarter of 2024 compared to KD 7.66 million during the corresponding period in 2023, while earnings per share rose from 21.48 fils to 23.33 fils,an increase of 8.63 percent.
Boursa Kuwait’s results show that, despite the escalation of geopolitical conflicts and heightened economic uncertainty, the company was able to navigate the challenges that continued through the first quarter of 2024 with remarkable resilience and agility.Boursa Kuwait leveraged its strategic risk management policies, robust financial health and strong governance mechanisms to ensure its ability to adapt while maintaining engagements with its various stakeholders to uphold the highest standards of transparency and trust.
Commenting on the results, Boursa Kuwait’s Chairman Mr. Hamad Mishari Al-Humaidhi said: “Amid the turbulence of the global financial scene, Boursa Kuwait demonstrated remarkable resilience, rebounding in the first quarter of 2024 and increasing its net profit by 8.63 percent from KD 4.31 million in the first quarter of 2023 to KD 4.68 million in the corresponding period of 2024. The results underscore the company’s ability to weather challenges as well as speak volumes about its adaptive strategies and steadfast commitment to growth and are a testament to the dedication of our team, the trust of our investors, and the resilience of our market. Boursa Kuwait remains steadfast in its pursuit of excellence, driven by a vision of sustained prosperity for all stakeholders.”
“The exchange continues to play a key role in the diversification of Kuwait’s national economy, acting as a vital cog in Kuwait’s national development plan to transform the country into a leading regional financial destination. Thanks to the dedication and focus of my fellow Board members, the Executive Management team, and all the company’s hard-working employees, we have demonstrated that Boursa Kuwait is a leading stock exchange in the region and one of the success stories of the Kuwaiti financial scene,” Al-Humaidhi added.
Boursa Kuwait delivered a strong performance this quarter, building on the growth in trading volume, which jumped 68.65 percent from 8.52 billion shares to 14.36 billion shares. Additionally, traded value increased by 34.21 percent from KD 2.64 billion to KD 3.54 billion, while average daily traded value (ADTV) increased by the same percentage from KD 43.26 million in 2023 to KD 58.06 million, a demonstration of Boursa Kuwait and the capital market apparatus’s continuous efforts to develop the Kuwaiti capital market and promote it to investors from all around the world.
Boursa Kuwait’s Chief Executive Officer Mr. Mohammad Saud Al-Osaimi also commented on the company’s first-quarter results, saying: “Boursa Kuwait showcased robust performance, cementing its position as a key financial market in the region that continuously adapts to meet the evolving needs of Kuwaiti capital market participants. The exchange is well-positioned to achieve its strategic objectives and further solidify its role as a key regional financial center as it continues to expand its products and services, increase market efficiency and facilitate access to it, as well as improve its transparency, liquidity and the governance of all its participants.”
Al-Osaimi added, “Boursa Kuwait constantly works with its partners in the Kuwaiti capital market in preparation for the launch of several products and services, including exchange-traded funds (ETFs) and a platform for fixedincome solutions like bonds and sukuk. During the quarter, Boursa Kuwait and the capital market apparatus continued to run stress tests for the launch of the central clearing counterparty (CCP) system to ensure the preparedness of financial brokerage firms to meet settlement requirements with the Central Bank of Kuwait and local banks, making sure that the market adheres to the highest, best-in-class standards and practices.”
Al-Osaimi also stressed that the company continues to promote the capital market and its standout listed companies through its series of Roadshows and Corporate Days as well as visits to various entities encouraging them to list, all in an effort to reinforce our reputation as a leading stock exchange in the region and a force to be reckoned with in the Middle East.
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.