KAMCO 2005 half year profit leaps 37 per cent

Total shareholders' equity in the 2005 half year surged 41 per cent to KD 63.6 million (US$ 217.8 million), compared to KD 45.1 million (US$ 154.4 million) in the same period last year.

Total assets also increased in the 2005 half year, up 25 per cent to KD 111.2 million (US$ 380.8 million), against KD 89.1 million (US$ 305.1 million) in the 2004 first half.

KAMCO chairman Masaud Hayat said: "These are solid results demonstrating profitability underpinned by our momentum of growth. It is particularly pleasing that our well-planned strategies continue to produce consistently profitable results."

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$ 4.55 billion under management or control, a portfolio of some 557 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 US$ 15 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.