Kipco Q3 net profit surges 21pc
Kuwait, November 9, 2013
Kuwait Projects Company (Kipco), the country's largest investment company by assets, has reported a 21 per cent jump in its net profit for the third quarter which hit KD8 million ($28.3 million) compared to $6.6 million last year.
Announcing the results, the Kuwaiti group said its net profit for the first nine months too witnessed a 10 per cent jump to hit KD26.1 million over last year reported in the same period last year.
The Kuwait group's total revenues for the first nine months increased by 22 per cent to hit KD458 million compared to KD375 million last year.
The company also saw a rise in operating profit to KD86 million for the first nine months, thus registering an increase of 25 per cent from the KD69 million reported for the same period in 2012.
Commenting on the results, Kipco CEO (Banking) Masaud Hayat said the group's consolidated assets increased in the first nine months to hit KD8.1 billion from KD7.2 billion for the year-end 2012.
He pointed out that Kipco’s third quarter results were consistent with the company’s performance so far this year:
"As we expected, our third quarter results have continued the patterns of previous quarters, with our financial services, media and real estate companies all delivering a growth in revenue over the last nine months," said Hayat.
"For example, our financial services and media segments have reported respective increases of 32 per cent and 24 per cent over the last nine months, while our manufacturing industries and real estate operations have delivered 10 per cent and 9 per cent rise respectively for the same period," he noted.
"Overall, this has produced a 22 per cent year-on-year increase in revenue and a 10 per cent rise in profitability. Providing we see similar performances in the final quarter, we will be maintaining the double-digit growth we have now achieved," he added.-TradeArabia News Service