Boursa Kuwait recently announced its interim consolidated financial data for the nine months ended September 30, 2024, revealing a 14.50 percent rise in net profit to KWD14.43 million ($47.08 million) compared to KWD12.60 million ($41.11 million) recorded during the corresponding period in 2023.
“Boursa Kuwait’s exceptional financial results for the period ended September 30, 2024 are a testament to the company’s strong performance and strategic foresight. This success is driven by a robust operating model and a solid financial foundation, enabling us to achieve our long-term goals. The significant increase in net profit reinforces our unwavering commitment to delivering strong shareholder value and indicates investor confidence in our sustainable growth trajectory,” stated Boursa Kuwait chairman Hamad Mishari Al-Humaidhi.
Operating profit surges to $58.50 million
Meanwhile, the stock exchange’s operating profit rose 21.27 percent from KWD14.79 million in 2023 to KWD17.93 million for the corresponding period in 2024. Boursa Kuwait also reported a 16.42 percent rise in total operating revenues to KWD26.20 million during the first nine months of 2024 compared to KWD22.50 million during the corresponding period in 2023. Meanwhile, earnings per share rose from 62.75 fils to 71.85 fils, an increase of 14.50 percent.
Additionally, consolidated assets increased 4.34 percent from KWD114.04 million in 2023 to KWD118.99 million in the nine months ended September 30. Meanwhile, shareholders’ equity rose from KWD61.03 million to KWD63.80 million, representing an increase of 4.53 percent.
“Driven by our strategic objectives, Boursa Kuwait is actively enhancing market performance and efficiency. This commitment, achieved through adherence to international governance and corporate sustainability practices, strengthens our position among emerging financial markets and fosters sustainable growth within the Kuwaiti financial landscape,” added Al-Humaidhi.
Traded volume grows to 43.83 billion shares
Boursa Kuwait attributed this strong performance to the growth in traded volume, which grew by 53.54 percent from approximately 28.55 billion shares to approximately 43.83 billion shares. Additionally, traded value increased by 35.8 percent from KWD7.51 billion to KWD10.20 billion while average daily traded value (ADTV) increased by 33.59 percent from KWD41.72 million in 2023 to KWD 55.74 million in 2024.
The increase in trading volumes during the third quarter of 2024 was mainly due to the increase in activity in the Main Market, which accounted for 35 percent of traded value during that period.
Local investors lead trading
Retail investors made up 38 percent of the traded value in 2024, an increase from 33 percent in 2023, while institutional investors continued their dominance of the market, accounting for 62 percent of the total traded value in the Kuwaiti capital market. Additionally, foreign participation in the market improved as trade confirmations went from 605,000 in 2023 to 836,000, an increase of 38.04 percent.
Local investors comprised 83 percent of the traded value of the Kuwaiti capital market in 2024, while international investors (including GCC nationals) accounted for the remaining 17 percent.
“We’ve seen significant growth in trading activity, particularly in the Main Market, demonstrating its appeal to individual investors. Additionally, we have seen a 93.61 percent increase in market maker traded value, indicating its effectiveness and efficacy,” added Mohammad Saud Al-Osaimi, CEO of Boursa Kuwait.
Read: Five UAE stocks that have gained the most since January 1
Boursa Kuwait’s key role in economic diversification
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.
Boursa Kuwait underwent full privatization 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.
For more news on markets, click here.
