Total revenue for the year stood at KWD33.7mn (2024: KWD25.4mn), while revenues from fees and commissions stood at KWD18.6mn, an increase of 10.3% compared to previous year. Fee income continues to be the largest component of the company’s income representing 55.2% of total income reported during 2025.
Net profit was positively impacted by a one-off favorable legal outcome. In addition, the early-stage investment in a new strategic platform at the beginning of 2025 led to an increase in general and administrative expenses due to initial operating costs. This investment is aligned with the Company’s long-term growth strategy and is expected to support sustainable earnings in the years ahead.
A key corporate development was Burgan Bank’s acquisition of a 100% stake in United Gulf Bank (UGB), the major shareholder of Kamco Invest, beginning of 2025, further strengthening the Company’s ownership structure and strategic alignment.
During the year, the Company successfully raised over USD1.5bn across several products and transactions and grew its assets under management by USD626mn, a growth of 3.9%, to reach USD16.5bn as of 31 December 2025.
Equity funds and portfolios managed by Kamco Invest continued to demonstrate strong outperformance relative to their peers and respective benchmarks. During the year, the Kamco Investment Fund delivered an impressive return of 20.71% and was recognized across six categories at the LSEG Lipper Fund Awards, underscoring the fund’s exceptional performance and consistent risk-adjusted returns.
Furthermore, at the beginning of the year, we expanded our presence in the Saudi market with the launch of two Shariah-compliant funds: the Kamco Freestyle Saudi Equity Fund and the Kamco SAR Murabaha Fund. In addition, the Kamco Saudi Equity Fund and the Kamco Freestyle Saudi Equity Fund ranked among the top performers in their respective categories in the Saudi market in 2025, based on published performance data on the Saudi Exchange website. These achievements reflect the strength of our investment capabilities and disciplined portfolio management approach.
On the Alternative Investments side, which includes real estate, private equity, and structured products, the team continued to broaden its platform and enhance its value proposition to clients. During the year, the team launched new products and entered into key partnerships, further diversifying its offering. In addition, USD82.0mn was distributed to investors across its products, underscoring the platform’s ability to generate realizations and deliver tangible returns.
In the first quarter, we partnered with an experienced management team to establish a new venture, European Green Logistics Space, in which Kamco Invest hold a majority stake. The platform specializes in the development, investment, and management of logistics assets across Europe. This strategic transaction underscores our commitment to expanding recurring fee income streams while providing regional clients with differentiated access to opportunities in the fast-growing and sustainable logistics sector. Additionally, besides equity investments in real estate assets, the team ventured into a new asset class by investing in the private debt of real estate projects.
Kamco Invest further reinforced its footprint in the technology investment space through the innovative strategy pursued by its closed-end, nearly fully deployed JEDI Fund. The Fund represents a distinctive institutional-grade platform focused on technology investments in the United States, particularly Silicon Valley, and has delivered strong performance, achieving a Gross Multiple on Invested Capital (MOIC) of 1.3x.
Building on this momentum, the private equity team launched during the year a GCC-focused pre-IPO tech fund and completed two strategic investments in Saudi Arabia: Foodics, the region’s leading cloud-based technology and payments platform for restaurants, and Unifonic, a prominent communications platform that enhances engagement between businesses and their customers.
The Company successfully exited its investment in Yargici, a leading Turkish fashion and accessories brand held by one of Kamco Invest’s private equity funds, through a sale to TIMS Group. The exit highlights Kamco Invest’s commitment to delivering long-term value to its clients while ensuring the continued growth and success of its portfolio companies.
During the year, the team entered into a strategic partnership with Flexam Invest, part of the New York Life Investment Management group, to expand its private credit platform into leasing-focused investment strategies. This collaboration further diversifies our alternative offerings and enhances access to specialized asset classes. The first fund under this partnership was successfully launched and achieved its initial closing during the year, marking an important milestone in building this new vertical.
Over the year, the Investment Banking team successfully executed 14 landmark transactions totaling USD7.0bn, reinforcing our leadership in capital markets. The transactions consisted of thirteen sukuk and bond issuances worth USD6.7bn for financial institutions and corporates in Kuwait, Saudi Arabia, United Arab Emirates and Qatar in addition to one liquidity management transaction for USD304mn for a Kuwaiti company.
A majority of the transactions were for Kuwaiti banks, in USD and KWD, amounting to USD3.3bn, followed by the UAE with three transactions worth USD1.5bn, Saudi Arabia with two transactions totaling USD1.4bn, and Qatar with one transaction worth USD500mn.
Kamco Invest was awarded the “Kuwait’s Best for Alternative Investments” at the Euromoney Private Banking Awards 2025, highlighting the Company’s rapid growth and sustained success in the alternatives space. In addition, Kamco Invest was named “Kuwait’s Best Investment Bank – DCM” at the Euromoney Awards for Excellence 2025, in recognition of the team’s outstanding performance in executing bond and sukuk transactions for local and regional clients.
In 2025, Kamco Invest maintained a strong focus on expanding its presence in the Kingdom of Saudi Arabia and United Arab Emirates and accelerating business growth, in line with its long-term strategy of strengthening its presence across leading financial and commercial centers. The Company broadened its reach and enhanced its service capabilities to continue delivering integrated, client-centric solutions that address evolving investment needs. This strategic expansion further supported the growth of fee-based revenues and contributed to the resilience and sustainability of its income streams.
The company's brokerage arm, First Securities Brokerage Company (Oula Wasata), continued to expand its client base by leveraging its online trading platforms. Supported by the strong performance of Boursa Kuwait, Oula Wasata recorded a 55% increase in turnover. During the year, it also obtained the Qualified Broker License after fulfilling all regulatory requirements and successfully completing the Market-Wide Tests.
The Company enjoys a strong financial position with KWD69.5mn in shareholders’ equity as of 31 December 2025. In its most recent review dated May 2025, Capital Intelligence maintained its “BBB” long-term credit rating and “A3” short-term rating with a stable outlook.
The Board of Directors proposed to the Annual General Meeting a cash dividend of 10 fils per share.
Sheikh Talal Ali Abdullah Al Jaber Al Sabah, Chairman, said, “Despite the uncertainties and challenges prevailing across capital markets, we are proud of the solid performance and meaningful progress we have achieved. Our steadfast focus on our core fee-based businesses has been central to reinforcing our competitive positioning and resilience. Looking ahead, we remain committed to strengthening our presence in key markets and delivering sustainable, long-term value to our clients and shareholders”.
Faisal Mansour Sarkhou, Chief Executive Officer, commented, “During the year, we delivered robust growth across our business, translating into growth in our total revenue and net profit, and a stronger shareholders’ equity base. Our progress extended well beyond financial metrics, encompassing an expanded market footprint, improved performance across our managed products, and the successful execution of transactions. These accomplishments reflect the depth of our team’s expertise, the clarity of our strategic direction, and the resilience and agility of our business model in navigating an evolving global environment”.
Sarkhou concluded, “Our focus will remain on growing fee and commission-based income generated from the products and services we offer to our clients, in addition to strengthening synergies with Burgan Bank through closer collaboration, integrated initiatives, and expanded capabilities, aimed at delivering enhanced value and more comprehensive solutions to our clients”.