LMC Announces 19% Returns
Liquidity Management Centre (LMC) has announced its
year end financial results for the year 2006. LMC reported
an operating revenue of US$ 8.9 million for the period
ended 31 December 2006 in comparison to $ 4.4 million
at the end of 2005. The net profit for the year ending
31 December 2006 was US$ 6.1 million, with Total Assets
standing at US$ 220 million and the Shareholders Equity
reported at US$ 58 million.
The results for the year 2006 reflect the exceptional
performance of the Bank since its incorporation 4 years
ago. Mr. Aref Kooheji, Chairman of LMC, expressed his
satisfaction, commenting on the financial results for
2006, “The results are sincerely gratifying and prove
that growth can be achieved through focus and specialization,
particularly in the current market conditions. The Bank’s
results are reflected in the Sukuks issued to date that
have crossed the billion dollar mark and the remarkable
volume of secondary market trades effected through LMC.”
LMC has also announced the successful initiation of
the first stage of the binary capital increase strategy
in September 2006 whereby the Shareholders mutually
and unanimously committed to equally contribute to the
paid-up capital increase of the Bank from US$ 20 million
to US$ 50 million. LMC’s Shareholders, Kuwait Finance
House - Kuwait, Dubai Islamic Bank, Islamic Development
Bank and Bahrain Islamic Bank retain equal ownership
of the Bank, which is one of the leading institutions
in Sukuk issuance. The second stage of the Bank’s capital
increase is planned to take place this year, effectively
raising the paid-up capital to US$ 100 million.
On this occasion Mr. Aref Kooheji expressed his gratitude
to the board members and the executive management of
LMC for the exceptional effort that has been exerted
during the past year and he also took this opportunity
to once again express his gratitude towards the ever
supporting shareholder group and strategic partners
wishing them a successful and prosperous year.
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