Kuwait Projects Company (Kipco), the country's biggest investment company, posted on Saturday first-quarter net profit of KD30 million ($113 million), helped by strong performance of its core operating companies.

Kipco made profit of KD15 million in the same period last year, excluding National Mobile Telecommunications Company and other assets made by the firm, it said in a statement.

The profit growth was helped by Burgan Bank's nine per cent growth in the first quarter, it said.

Earnings per share for the three months ended March 31 was 27 fils per share and total revenues increased to KD135 million from KD78 million in the year-earlier period, it added.-Reuters