KIPCO announces KD17.1m first half net profit
- Kuwait: Sunday, August 05 - 2012 at 12:47
- PRESS RELEASE
KIPCO - the Kuwait Projects Company - has announced net profit of KD17.1m ($61m), or 13.12 fils ($4.68 cents) per share for the first six months of 2012 - an increase of 3% on the KD16.6m ($60.5m) profit, or 13.34 fils ($4.86 cents) per share, reported for the same period last year.
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."
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.