KIPCO announces KD17.1m first half net profit

KIPCO's second quarter profit (for the three months ended 30 June, 2012) of KD8.6m ($30.7m) is an increase of 1.2% on the KD8.5m ($30.6m) profit reported for the first three months of 2012.

KIPCO's total revenues for the first six months of 2012 increased by 20.2% to KD214.9m ($767.1m) compared to the KD178.8m ($651.5m) for the first half of 2011.

The company also saw a rise in operating profit to KD45.3m ($161.7m) for the first half of 2012 - an increase of 31.7% from the KD34.4m ($125.34m) reported in the first half of 2011.

KIPCO's consolidated assets increased in the first half of 2012, to KD6.2bn ($22.1bn) compared to KD5.9bn ($21.2bn) for the year end 2011.

Mr Masaud Hayat, KIPCO's Chief Executive Officer, Banking, said KIPCO's first half results continued the positive trends of previous financial quarters: "Despite a difficult environment, our first half results maintained the growth patterns we saw in our first quarter and 2011 year-end results. In particular, our financial services businesses are showing continuing improvements in performance, building on the results they delivered at the end of last year. Our real estate and media businesses are also performing to our expectations for 2012. These are very positive signs and we hope these performance trends will continue into our third and final quarter financial results."