United Gulf Bank (UGB) of Bahrain, the investment banking arm of Kuwait Projects Company (KIPCO) has staged the UGB Investors’ Forum, the Bank’s first open financial forum, reviewing its past performance and strategy and profit outlook forecast in a dialogue with investors, investment managers, research analysts, shareholders and clients. The presentation included a revised year-end profit forecast of US$ 60 million.
The forum at the Sheraton Hotel followed UGB’s participation in a similar KIPCO event in Kuwait earlier this year. Faisal Al Ayyar, UGB chairman and KIPCO managing director and chief executive officer, welcomed guests to the reception that followed the presentation.
“As a progressive regional bank, we believe it is vital that investors have a clear insight into our performances, strategies and potential, said Mr Al Ayyar. “We also believe the investment community in Bahrain, as well as regionally and internationally, will greatly benefit from this demonstration of financial clarity and transparency.”
Following nine month year-to-date record net income of US$ 50.7 million, chief executive officer William Khouri presented a revised forecast of US$ 60 million for year-end profit, or approximately 7.8 cents per share; reviewed the Bank’s record performance over the past five years; and detailed UGB’s strategy as the basis for expected continued good future performance.
UGB manages a diversified portfolio of investments in wealth and asset management, commercial banking, real estate, telecommunications, private equity and quoted securities, and forms part of KIPCO’s Financial Services Group, which operates banks and investment companies in Algeria, Tunisia, Jordan, Palestine, Cyprus, Bahrain, Kuwait and the US, with operations planned in Iraq, Qatar and Syria. Assets under management exceed US $5.2 billion.
KIPCO is Kuwait’s largest private sector company with more than US $15 billion of Group assets and a portfolio of some 55 companies with major activities in financial services, media & telecommunications, real estate, industry and management & advisory services throughout the Middle East and North Africa, with substantial ownership interests in the U.S and Europe.
