KIPCO announces KD8.5m first quarter net profit
- Kuwait: Tuesday, May 01 - 2012 at 15:42
- PRESS RELEASE
KIPCO - the Kuwait Projects Company - has announced net profit of KD8.5m ($30.6m), or 6.51 fils ($2.34 cents) per share for the first three months of 2012 - an increase of 5% compared to the KD8.1m ($29.2m) profit, or 6.49 fils ($2.34 cents) per share, reported for the same period last year.
The company also reported a year-on-year rise in operating profit to KD24.1m ($86.8m) for the first quarter of 2012 - an increase of 32% from the KD18.2m ($65.6m) in the first quarter of 2011.
KIPCO's consolidated assets increased in the first quarter of 2012, to KD6.1bn ($21.9bn) from KD5.8bn ($20.8bn) for the year end 2011.
Mr Tariq Abdulsalam, KIPCO's Chief Executive Officer Investments, said KIPCO's first quarter results were in line with the expectations outlined by the company at its recent Investor's Forum:
"At our Shafafiyah Investor's Forum in April, we said we expected growth from our financial services and media businesses during this year. This expected growth is now beginning to emerge and its impact is reflected in our first quarter results. We expect these growth trends to continue and perhaps accelerate, as the year progresses. If this happens, we hope to meet - or even exceed - the expectations we have for our year-end results."
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