22 July 2015
'First half results reflect continued strong performance across core businesses' says company's CEO - Investments

Kuwait - KIPCO - the Kuwait Projects Company - has announced a net profit of KD 25.4 million (US$ 84.1 million) in the first six months of 2015, an increase of 17 per cent on the KD 21.7 million (US$ 71.8 million) reported for the same period last year.

In the second quarter (the three months ended 30 June, 2015), KIPCO made a net profit of KD 13.4 million (US$ 44.4 million), an increase of 17.5 per cent on the KD 11.4 million (US$ 37.7 million) profit reported in the same period of 2014.

KIPCO's total revenue for the first six months of 2015 increased 5.2 per cent to KD 304 million (US$ 1.01 billion) compared to the KD 289 million (US$ 957 million) for the first half of 2014.

The company also saw a 4.4 per cent rise in operating profit before provisions for the first half of 2015 to KD 81 million (US$ 268 million) from the KD 77.6 million (US$ 257 million) reported in the first half of 2014.

KIPCO's consolidated assets increased in the first half of 2015 to KD 9.6 billion (US$ 31.8 billion) from KD 9.3 billion (US$ 30.8 billion) at year-end 2014.

Mr Tariq AbdulSalam, KIPCO's Chief Executive Officer - Investments, said the company's first half results reflect the continued strong performance of KIPCO's core businesses, in line with the company's objectives for the year:

"At our Shafafiyah Investors' Forum in March, we announced that we aim to double our 2014 profits by 2018. The results of the first six months of the year are on course to achieving this objective, as our core companies continue to grow their revenue and operating profit. The performance of our core companies is on track, and we expect them to continue to deliver positive performance for the remainder of 2015."

-Ends-

About KIPCO
The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 31.8 billion as at 30 June 2015. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group's main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.

The conversion rate used is US$1 to KD 0.302.

Further information:  
Eman Al Awadhi  
Group Communications Director
Corporate Communications Department
T: +965 2294 3416
M:+965 6033 6399
Eman.Alawadhi@kipco.com

© Press Release 2015