KIPCO announces KD31.3m profit for 2012
- Kuwait: Thursday, February 21 - 2013 at 16:09
- PRESS RELEASE
KIPCO - the Kuwait Projects Company - has announced a net profit of KD31.3m ($111.3m), or 24.23 fils ($8.6cents) per share for the year ended 31 December, 2012 - an increase of 4.2% on the KD30m ($107.7m) profit, or 24.14 fils ($8.7 cents) per share, reported in 2011.
KIPCO said that its 2012 results reflected strong performances from its operating companies and that the proportion of recurring revenue streams grew over the year.
KIPCO's fourth quarter profit (for the three months ended December 31, 2012) of KD7.6m ($27m) increased 19% on the KD6.4m ($23m) profit achieved in the same period of 2011.
KIPCO's total revenues for 2012 increased 26% to KD443m ($1.6bn) compared to the KD351m ($1.3bn) reported in 2011.
KIPCO's consolidated assets increased in 2012 to KD7.2bn ($25.6bn) from KD5.8bn ($20.8bn) in 2011.
Mr Samer Khanachet, KIPCO's Group Chief Operating Officer, said the company's 2012 results continued the company's track record of profitability: "These results mean that 2012 was KIPCO's twenty-first consecutive year of profitability and, subject to approval, our eleventh consecutive year of paying dividends. This outstanding track record has been maintained despite the problems afflicting the local, regional and global economies over the last few years. The underlying trends within our 2012 results point to an improvement in growth and profit in all our core sectors including banking, real estate and insurance. In particular, in the media sector, our broadcast company OSN has seen a dramatic improvement in revenue and earnings over the last 12 months. This is the result of improved customer satisfaction and retention, quality programming and the advanced technology the company continues to bring to the market."
"Overall, we are pleased with the progress our companies are making and the results they achieved for 2012."
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