KAMCO posts powerful surge in 2004 third quarter profit to KD 7 million

Third quarter 2004 revenues were KD 10 million (US$ 34 million), an increase of 9 per cent from KD 9 million (US$ 31 million) in the third quarter of 2003. Net profit in the three months period July-September 2004 was slightly down by 3 per cent to KD 1.80 million (US$ 6.11 million), or 8.44 fils (2.8 cents) per share, compared to KD 1.85 million (US$ 6.31 million), or 12.39 fils (4.2 cents) in the same period of 2003.

KAMCO's paid-up share capital increased from KD 15 million (US$ 50.8 million) in the third quarter last year to KD 22.1 million (US$ 75 million) in the current year third quarter.

KAMCO chairman Masaud Hayat said: "We have seen continued growth momentum across our business sectors. These results, with a strong increase in profit, demonstrate the significance of our growth and financial strength."

KAMCO, a subsidiary of United Gulf Bank (UGB), KIPCO's investment banking subsidiary, has assets of US$ 4.35 billion under management or control, a portfolio of some 510 companies and individuals, and more than 120 employees throughout its operations.

KAMCO's core operating companies are United Industries Co. (UIC) a specialised industrial investor in the oil, gas and foodstuffs sectors of the GCC and its neighbouring countries; Gulf Egypt Hotels and Tourism (GEHT), a five-star hotel and tourism company operating from Cairo which holds a major stake in the luxury Sheraton Heliopolis; and United Medical Services (UMSC), Kuwait's leading health care provider with fast-growing services in dental and general health care.