KUWAIT, Kuwait Projects Company (KIPCO) announced a net profit of KD 5.64 million (USD 18.8 million), or 1.53 fils per share (USD 0.51 cents), for the first three months of 2018.
During the first quarter of 2018, the company’s operating profits before provisions reached KD 23.5 million (USD 78.4 million), compared to KD 23.6 million (USD 78.7 million) in the first quarter of last year, KIPCO said in a press statement.
The company also reported a 13 per cent rise in its total revenue from operations during the first quarter of 2018, at KD 171 million (USD 570.5 million) from KD 151.5 million (USD 505.4 million) reported for the same period in 2017, it added.
KIPCO’s consolidated assets stood at KD 9.8 billion (USD 32.7 billion) compared to KD 10.3 billion (USD 34.4 billion) reported at year-end 2017, it indicated.
KIPCO’s Chief Executive Officer-Investment Tariq AbdulSalam said: “At our recent Shafafiyah Investors’ Forum, we projected that the challenging external elements that affected our companies’ performance in 2017 – such as competition and the weakened operating environment in the region – would continue to have an impact this year.” “Our positive performance this quarter reflects our sound business model and operations, and we believe that our diversified portfolio as well as years of prudent risk management and internal streamlining of operations will help us continue steadily through 2018,” he was quoted by the statement as saying.
The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of USD 32.7 billion as at 31 March 2018. The Group has significant ownership interests in over 60 companies operating across 24 countries.
Source: Kuwait News Agency