International Financial Advisors (IFA) announced profits of KD56.6 Mil (Inclusive of minority interest share of KD 12.9 Mil) for the first 6 months of 2007 compared to unrealized losses of KD 20.3 Mil for the same period of the previous year. The company’s revenues reached KD 70.14 Mil and the reported earning per share was 104.7 Fils. Shareholders’ equity at the end of the current period totaled KD221.4 Mil compared to KD187.2 Mil for the previous period.
Jassim M. Al- Bahar, Chairman & CEO of IFA stated that these profits were the result of the company’s strategy based on two pillars, the first focuses on asset management, funds, financial services and direct investments while the second pillar focuses on hospitality industry related to hotels and resorts. The company’s performance was further boosted due to the strong operational results achieved by IFA’s associates and subsidiaries. It is worth mentioning that IFA Hotels and Resorts has achieved KD 23.0 Mil out of which KD11.4 Mil were booked as profits in the parent company’s financials (57% share). Moreover, IFA Investment Fund and IFA Islamic Fund achieved excellent returns of 74.38% & 33.17%, respectively, for the first 6 months of the year 2007.
The Chairman & CEO added that these results are the outcome of IFA’s prudent investment policy, which is based on the two pillars mentioned above in addition to geographic and sector diversification, enhanced by strategic alliances with leading companies and consortiums around the globe. In that respect, IFA has recently consolidated its presence in Portugal through acquiring 20 million shares in BCP, the second largest bank in Portugal. The deal was worth $105 Mil representing 0.75% of the market capitalization of the bank which is Euro13.5 Billion.
Al Bahar emphasized that IFA’s role as an investment company emanating from the private sector is not limited to developing its assets and improving its performance as well as increasing its profits, but also fulfilling its responsibilities as part of the private sector through making proposals which seek to develop the systems and the financial institutions that affect the investment sector…From this platform, we have recently presented a proposal to establish a new stock exchange under the name Kuwait Financial Market which springs from the private sector and which will operate with a private sector mentality hopefully becoming the basis for a fully integrated Gulf stock exchange covering the whole gulf region in order to face the global developments and forces.
Finally, Al Bahar stated that he is confident that IFA would continue its achievements in the future which would benefit the shareholders and the country.