KIPCO 2006 half year profit surges 53% to KD 26.0 million (US$ 89.9 million)

Earnings per share in the first six months of 2006 leapt 50 per cent to 25.22 fils (8.72 cents), a rise of 8.40 fils (2.90 cents) compared to 16.82 fils (5.82 cents) in the same period of 2005.

Half year revenues jumped 50 per cent to KD 73.3 million (US$ 254 million), up by KD 24.5 million (US$ 85 million) against KD 48.8 million (US$ 169 million) in the first six months of 2005.

KIPCO's Managing Director and CEO, Mr. Faisal Al Ayyar said, 'The Group's continuing profitability is being driven by impressive financial performances by its diverse portfolio of associated companies and most of our companies are in record territory.'

The half year net profit figure of KD 26.0 million puts KIPCO well on target to achieve its 2006 full year net profit figure of KD 47.0 million (US$ 162.5 million) predicted by Mr. Al Ayyar at the recent 'Shafafiyah' (Transparency) Forum, when financial performances and forecasts of KIPCO and its core listed Group companies were presented to fund managers, analysts, shareholders and clients.

KIPCO's 2006 second quarter (three months ended June 30, 2006) net profit was up 27 per cent to KD 11.0 million (US$ 38 million) from KD 8.7 million (US$ 30 million) in the same period of 2005, a rise of KD 2.3 million (US$ 8 million); second quarter earnings per share were up 26 per cent to 10.68 fils (3.69 cents) from 8.5 fils (2.94 cents) in the 2005 second quarter; and 2006 second quarter revenues increased 45 per cent to KD 35.7 million (US$ 123.5 million) from KD 24.6 million (US$ 85.1 million) in 2005, up KD 11.1 million (US$ 38.4 million).