Boursa records strong financial performance for fiscal year ending Dec 2023
Boursa Kuwait Securities Company has reported robust financial results for the fiscal year ending December 31, 2023, reflecting the resilience and adaptability of its business model amid economic challenges. The company achieved net profits totaling 15.80 million dinars, with total operating revenues reaching 30.68 million dinars and net operating profit at 18.27 million dinars with earnings per share standing at 78.68 fils, showcasing a solid performance.
In light of these results, the Board of Directors has recommended distributing 74 fils per share as cash dividends for 2023, equivalent to 94% of net profits, pending approval from the Ordinary General Assembly and relevant authorities, reports Al-Qabas daily.
Hamad Mishari Al-Humaidhi, Chairman of the Board of Directors, emphasized the company’s resilience amidst economic and geopolitical challenges. He highlighted Boursa Kuwait’s commitment to strategic goals aimed at developing a credible financial market operating in accordance with international standards. Al-Humaidhi expressed gratitude to stakeholders and underscored the company’s dedication to governance, social responsibility, and sustainability.
CEO Mohammed Saud Al-Osaimi commended the company’s flexibility in navigating the financial landscape of 2023. He highlighted efforts to align services with international best practices, enhance market efficiency, transparency, and liquidity, and meet investor needs. Al-Osaimi acknowledged the support of the Board of Directors, executive management, and partners in driving progress and success.
Boursa Kuwait’s initiatives aimed at market development included infrastructure enhancements, promotional tours, and institutional engagement. Collaborative efforts with the Kuwait Clearing Company facilitated system improvements and investor access. The company’s promotional tour in London attracted international interest, highlighting Kuwait’s financial market developments and opportunities for investors.
Market data revealed a robust performance, with the Kuwaiti financial market’s value reaching approximately 40.26 billion dinars. Foreign and Gulf investor trading accounted for 12% of total market trading, while institutional investor trading increased to 65%, indicating growing confidence in the market.
Boursa Kuwait’s commitment to supporting Kuwaiti investment and financial asset management companies was evident in initiatives such as the Financial Asset Managers Day. These efforts aimed to empower local companies through knowledge exchange and collaboration with international partners.
Overall, Boursa Kuwait’s financial performance and market initiatives in 2023 demonstrate its pivotal role in developing the Kuwaiti financial market, fostering investor confidence, and advancing economic diversification efforts. The company’s resilience, adaptability, and commitment to best practices position it as a leading financial institution in the region.
