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Total assets increased 5.8% to KD5.5bn (US$18.9bn) from KD5.2bn ($18.8bn) and shareholders' equity decreased 4.7% to KD518.4m ($1.8bn) from KD543.8m ($1.9bn), during the quarter.
Kipco said that its first quarter profit, at the parent level, was affected by the US dollar's recent sharp appreciation against the Kuwaiti dinar. As a consequence of these currency fluctuations during the quarter, Kipco incurred a net revaluation loss of KD6m ($20.6m).
Mr Faisal Al Ayyar, Kipco's Vice Chairman, said the company's first quarter results reflected these factors:
"Despite the continuing uncertainty in the global and local economies and the negative impact of foreign exchange fluctuations, we have delivered a healthy level of profitability in the first quarter. Our core operations continue to deliver good performances, while maintaining prudent provisioning. Looking forward, we expect the recovery of the local economy to have a positive effect on our results, by boosting the performance and profitability of our companies."
Posted by Rima Ali Al Mashni
