The normalized profit figure for the first quarter of 2007 does not include Wataniya Telecom and other asset sales made by KIPCO during the first three months of last year.
KIPCO's total revenues for the first three months of 2008 also increased by 73% compared to the normalized first quarter revenues of 2007, to KD135m ($508.5m) from KD78m ($294m).
As a result, KIPCO's total assets increased 9.5% to KD4.6bn ($17.3bn) from KD4.2bn ($15.8bn).
The increase in profits was due to the continued strong performances from KIPCO's core operating companies: for example, Burgan Bank achieved a 9% increase in profits in the first three months of the year.
Mr Faisal Al Ayyar, KIPCO's Vice Chairman said:
"Strong performances from our core operations during the three months of the year made a major contribution to KIPCO's first quarter results. This demonstrates the underlying strength of our core operations. I fully expect 2008 to be another record year in the history of this company".
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KIPCO announces 100 % increase in first quarter net profits
- Kuwait: Saturday, April 26 - 2008 at 15:51
- PRESS RELEASE
KIPCO - the Kuwait Projects Company announced net profits of KD30m ($113m), or 27 fils ($10.17 cents) per share, for the first three months of 2008, an increase of 100% on the KD15m ($56.5m) of normalized profit, or 14.56 fils ($5.48 cents) per share, for the same period last year.
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Further information:Ahmad Al Ajeel Vice President, Marketing/ R&D/ PR +965 244 0853
Robert Hipkins Group Communications Director +965 635 6969
Posted by Eman HassanSaturday, April 26 - 2008 at 15:51 UAE local time (GMT+4)
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