KIPCO posts KD 22.8 mln in nine-month profits

KUWAIT, Kuwait Projects Company (KIPCO) on Sunday reported net profits of KD 22.8 million (USD 75 million) for the first nine months of 2019, up 12 percent from the previous year.

The company’s net profits for the third quarter of the year had risen by 10 percent to settle at KD 9.18 million (USD 30.2 million), an increase from the figure of KD 8.32 million (USD 27.4 million) posted in the same period last year, it said in a statement.

Total consolidated assets were worth KD 9.8 billion (USD 32 billion) by the end of the third quarter of this year, compared to KD 10.4 billion (USD 34 billion) last year.

The company’s main business sectors include financial services, media, real estate and manufacturing. IPCO also has interests in the education and medical sectors.

Source: Kuwait News Agency