'Expected growth beginning to emerge' says company's CEO Investments

Kuwait City, 1 May, 2012: KIPCO - the Kuwait Projects Company - has announced net profit of KD 8.5 million (US$ 30.6 million), or 6.51 fils (US$ 2.34 cents) per share for the first three months of 2012 - an increase of five per cent compared to the KD 8.1 million (US$ 29.2 million) profit, or 6.49 fils (US$ 2.34 cents) per share, reported for the same period last year.

KIPCO's total revenues for the first three months of 2012 increased by 16 per cent to KD 108.4 million (US$ 390.3 million) from KD 93.2 million (US$ 336.2 million) in the first quarter of 2011.

The company also reported a year-on-year rise in operating profit to KD 24.1 million (US$ 86.8 million) for the first quarter of 2012 - an increase of 32 per cent from the KD 18.2 million (US$ 65.6 million) in the first quarter of 2011.

KIPCO's consolidated assets increased in the first quarter of 2012, to KD 6.1 billion (US$ 21.9 billion) from KD 5.8 billion (US$ 20.8 billion) 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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The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 21.9 billion as at 31 March, 2012. The Group has significant ownership interests in a portfolio of over 60 companies operating across 26 countries. The group's main business sectors are financial services, media, industry and real estate. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and management advisory sectors.

Further information: 
Robert Hipkins              
Group Communications Director
T: +965 2245 4286       
M: +965 6635 6969
rhipkins@kipco.com

Eman Al Awadhi            
Assistant Manager                                   
T: +965 1805 885 ext. 1615                                   
M: +965 6033 6399                                   
Eman.Alwadhi@kipco.com

© Press Release 2012