The General Assembly of the Altijari Financial Brokerage Company approved the financial statements for the year 2024, as the company achieved good results, with operating profits amounting to approximately KWD 2.045 million, equivalent to 38.6 Fils per share.
Sheikh Jaber Al-Dhaij, Chairman of the Board, stated after the conclusion of the assembly meeting held today with an attendance rate of 98.155%, that the board continued to work on developing the company's operations in line with a strategy and vision aimed at achieving a qualitative leap in the services provided, positioning it in an advanced status among the leading companies in the financial brokerage sector.
Al-Dhaij added that "the work continued to develop the company since the board took over management, and we managed, in collaboration with the executive body of the company, to overcome several challenges and difficulties that we faced. Indeed, we encountered some difficulties at the beginning of 2024, but despite this, we were able to address them seriously and quickly.”
He disclosed that certain adjustments were made within the company’s strategy that served the interests of shareholders and the business development, ensuring sustainability and continuity of achievement to maintain a distinguished operational performance level, which yielded satisfactory results compared to the performance of other companies in the same sector.
He noted that the results of the activity of the Kuwaiti capital market during the year 2024 were clear, as the value of trading on the Boursa Kuwait increased by 43% compared to the trading values in 2023.
The company's operating profits reached approximately KWD 2.045 million, equal to 38.6 Fils per share, while the commission revenues for the company amounted to KWD 2.330 million, showing a 54.81% increase compared to commission revenues in 2023.
The net profits reached KWD 1.688 million, an increase of 28.66% compared to 2023, and shareholders' equity reached KWD 15.314 million, rising by 13.30% compared to 2023.
For his part, the CEO of "Commercial Brokerage," Mohamed Al-Rudaini, confirmed that "the company achieved good performance last year, and we aspire to achieve more outstanding results this year, despite the challenges that emerged early in the year, but we are optimistic."
Al-Rudaini stated that the executive body is continuing to develop the company’s technological services and enhancing the digital transformation experience to provide the best trading experience for shareholders, ensuring secure and reassuring transactions free from errors, in addition to excellence in post-trading services and other notifications that the company provides to customers so they are fully informed of all details of their operations in the market.
He mentioned that the development process is occurring continuously, and customer service represents a fundamental cornerstone in the company’s philosophy in all services, processes, and operations we provide, considering that "Commercial Brokerage" continues to collaborate with all regulatory bodies to obtain an accredited broker's license.
Al-Rudaini appreciated the support provided by the Board of Directors to the executive body, as well as the support of the company's shareholders and clients for their continuous trust and support, "We specifically thank the Capital Markets Authority and the Boursa Kuwait, which always work to support brokerage firms and assist them in achieving success. We promise them that we will continue the path of development and growth to achieve the best levels of customer service and keep pace with future challenges and be prepared for them."
It is worth mentioning that "Commercial Financial Brokerage" is owned by the Commercial Bank of Kuwait with a shareholding of 98.155% and was established on December 2, 1984, in accordance with the provisions of the Companies Law No. 15 of 1960.