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The Kuwait Stock Exchange showed flexibility in addressing challenges in the past year and into Q1 2024, relying on strategic risk management and robust governance.
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The Kuwait Stock Exchange adeptly navigated the turbulence in the global financial landscape and demonstrated exceptional adaptability in managing the fluctuations of the first quarter of 2024
Boursa Kuwait released its financial results for the quarter ending March 31, 2024, during its Board of Directors meeting. The report showed an 8.63% increase in net profit to approximately 4.68 million dinars, compared to 4.31 million dinars in the same period last year.
The company’s net operating profit also surged by 9.81% from 5.08 million dinars in the first quarter of 2023 to 5.58 million dinars in the first quarter of 2024.
The Kuwait Stock Exchange reported in its statement that the company’s total operating revenues increased by 9.31% from 7.66 million dinars in the period ending March 31, 2023, to 8.37 million dinars for the same period this year.
Additionally, earnings per share increased from 21.48 fils in 2023 to 23.33 fils, marking a penny increase over the same period, which translates to an 8.63% increase.
The Kuwait Stock Exchange demonstrated flexible handling of challenges over the past year, extending into the first quarter of 2024. This resilience persisted amidst escalating geopolitical conflicts and growing economic uncertainty in global markets.
The company relied on its strategic risk management policies and financial solvency, supported by strong governance mechanisms. Furthermore, it maintained open communication lines with various stakeholders to uphold high standards of transparency and credibility.
Remarkable flexibility
In response to these outcomes, Hamad Al-Humaidhi, Chairman of the Board of Directors at the Kuwait Stock Exchange Company, remarked, “The Kuwait Stock Exchange adeptly navigated the turbulence in the global financial landscape and demonstrated exceptional adaptability in managing the fluctuations of the first quarter of 2024. Our net profits increased by 8.63%, rising from 4.31 million dinars in the first quarter of 2023 to 4.68 million dinars in the corresponding period of 2024.
These outcomes affirm our company’s capability to confront challenges and serve as tangible proof of our flexible strategy and unwavering commitment to growth. This success also reflects the dedication of Boursa Kuwait employees and underscores investor confidence in the Kuwaiti financial market. As always, the Kuwait Stock Exchange remains committed to excellence, driven by our vision to foster sustainable prosperity for all stakeholders.”
Al-Humaidhi added, “The Kuwait Stock Exchange continues its primary role in contributing to achieving the goal of diversifying the national economy. It serves as a crucial element in the country’s national development plan, which aims to position Kuwait as a leading regional financial destination. In conclusion, I extend my thanks to my fellow Board of Directors members, the Executive Management, and all company employees for their tireless efforts. These efforts have enabled us to establish ourselves as a leading stock exchange in the region and a success story in the Kuwaiti financial landscape.”
Remarkable performance
Mohammed Al-Osaimi, the CEO of Boursa Kuwait, commented on Boursa Kuwait’s results, saying, “The first-quarter results indicate the company’s remarkable performance, strengthening Boursa Kuwait’s position as a leading financial market in the region. The Kuwait Stock Exchange continues to adapt to meet the changing needs of all market participants. It also achieves its strategic objectives, maintains its position as an advanced regional financial center, expands market products and services, increases efficiency, facilitates access, enhances transparency, improves liquidity and implements governance for listed companies.”
Al-Osaimi emphasized that the Kuwait Stock Exchange is continuously collaborating with its partners in the Kuwaiti financial market to launch numerous products and services. These include exchange-traded funds and fixed income platforms like bonds and sukuks.
Additionally, the Kuwait Stock Exchange and the financial market system have been conducting a series of tests to implement the central broker model. This is aimed at meeting the requirements of the model and ensuring the ability of financial brokerage companies to manage settlement operations with the central bank and local banks, thereby qualifying them for membership. This initiative also aims to ensure that the market adopts the highest and best standards and practices followed globally.
He also added, “The Kuwait Stock Exchange continues to promote the Kuwaiti capital market and its listed companies through a series of promotional tours and institutional days. The company also conducts regular field visits to companies eligible for listing and provides them with support to facilitate the listing process. These efforts aim to enhance the reputation of the Kuwait Stock Exchange as a leading company in the Middle East.”
Trading volume increased by 68.65%
The Kuwait Stock Exchange delivered an outstanding performance in the first quarter of 2024. The company capitalized on the remarkable growth in trading volume, which surged by 68.65% from 8.52 billion shares to 14.36 billion shares.
Trading value increased by 34.21%
Additionally, the trading value increased by 34.21% from 2.64 billion dinars to 3.54 billion dinars. The daily trading rate also rose by the same percentage, increasing from 43.26 million dinars in 2023 to 58.06 million dinars in 2024.
These figures highlight the continuous efforts of the Kuwait Stock Exchange and the market system to develop the Kuwaiti market and attract investors worldwide.
Source: Al Qabas
