KAMCO posts KD 8.1 million (USD 27.4 million) profit for 2004

The Board of Directors has approved distribution of a 25 per cent cash dividend to shareholders.

KAMCO's shareholders' equity rose 5 per cent to KD 48.9 million (US$ 165.9 million) in 2004, from KD 46.4 million (US$ 157.4 million) in the previous year. Total assets increased to KD 91.8 million (US$ 311.5 million), a rise of 4 per cent from KD 88.3 million (US$ 299.6 million) in 2003.

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.

KIPCO, with assets of more than US$ 10 billion under management or control, is one of the leading diversified holding companies in the Middle East and North Africa and a major regional force in financial services and media & telecommunications, with further interests in real estate and industry. The largest private sector company in Kuwait, KIPCO employs more than 10,000 people internationally and its shares are among the most actively traded on the Kuwait Stock Exchange.