Kipco Q1 net profit surges on operating firms
Dubai, May 1, 2011
Kuwait Projects Company (Kipco), the Gulf state's biggest investment firm, said its net profit for the first quarter jumped to KD8.1 million ($29.2 million), a company statement said on Sunday.
Kipco's quarterly net profit surged 300 per cent, the statement said, from 2 million dinars in the prior-year period. Net operating profit rose 22 per cent to 18.2 million dinars, the statement said.
'Profitability from most of our operating companies has improved over the year and this growth is in line with our expectations,' said Masaud Kayat, Kipco's chief executive for its banking division.
'We are confident that this growth curve will continue,' he added.
Last month, Burgan Bank, Kipco's commercial banking arm, posted a 10-fold increase in first-quarter net profit helped by lower loan loss provisions.
Kipco, which has total repayments in 2011 of about $634 million, said it plans to repay all its debts this year on time.-Reuters