#KIPCO announces nine months net profit KD 23.7 million

KIPCO announces nine months net profit KD 23.7 million (US$ 84.3 million)

‘Underlying trends continue’ says company’s CEO Investment

Kuwait City, 5^th November, 2012: KIPCO - the Kuwait Projects Company - has announced a net profit of KD 23.7 million (US$ 84.3 million), or 18.27 fils (US$ 6.5 cents) per share for the first nine months of 2012 - an increase of 0.4 per cent on the KD 23.6 million (US$ 85.7 million) profit, or 19.02 fils (US$ 6.9 cents) per share, reported in the same period last year.

KIPCO’s third quarter profit (for the three months ended September 30, 2012) of KD 6.6 million (US$ 23.5 million) was a decrease of 7 per cent on the KD 7.1 million (US$ 25.8 million) profit achieved in the third quarter of 2011.

KIPCO’s total revenues for the first nine months of 2012 increased by 22 per cent to KD 323 million (US$ 1.15 billion) compared to the KD 265 million (US$ 962 million) reported for the first nine months of last year.

The company also saw a rise in operating profit to KD 66 million (US$ 235 million) for the first nine months of 2012 - an increase of 12 per cent from the KD 59.1 million (US$ 215 million) reported in the first nine months of 2011.

KIPCO’s consolidated assets increased in the first nine months of 2012, to KD 6.4 billion (US$ 23 billion) from KD 5.9 billion (US$ 21.2 billion) for the year-end 2011.

Mr Tariq Abdulsalam, KIPCO’s Chief Executive Officer - Investment, said KIPCO’s third quarter results were consistent with the company’s expectations

“As expected, the underlying trends within our first quarter and half year results have continued into the third quarter, with our financial services, media and real estate companies showing consistent levels of growth in both revenue and profitability. Although our profits show only a slight year-on-year increase, our companies are demonstrating a high degree of resilience to difficult market conditions. If these trends continue until year-end, then we can expect to meet the financial targets we set for this year.”

 

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