KAMCO 2005 first quarter net profit surges 10.5 per cent to KD 3.3 million

Shareholders' equity in the 2005 first quarter jumped 17.9 per cent to KD 54.0 million (US$ 185.2 million), compared to KD 45.8 million (US$ 156.8 million) in the 2004 first quarter.

Total assets also increased in the 2005 first quarter, up by 15.3 per cent to KD 102.3 million (US$ 350.3 million), against KD 88.8 million
(US$ 304.1 million) in the same period of 2004.

KAMCO chairman Masaud Hayat said: "These excellent results clearly demonstrate the underlying strength of our continuing growth momentum, which is producing consistently increasing profitability."

In the full year 2004, KAMCO posted net profit of KD 8.1 million (US$ 27.4 million), or 37.8 fils (12.9 cents) per share.

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) the 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.

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, and medical, management & advisory. 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.