Kuwait Invest Co Swings To KWD3.55M FY Net Profit Vs KWD3M Loss

Thursday, Mar 29, 2012

BEIRUT (Zawya Dow Jones)--Kuwait Investment Co., or KIC, a unit of Kuwait Investment Authority, Thursday said it swung to a net profit of 3.55 million Kuwaiti dinars ($12.77 million) last year, from a loss of KWD3.05 million in 2010.

Full-year earnings per share were 6.46 Kuwaiti fils in 2011 compared with losses of 5.56 fils a share in the previous year, KIC said in a statement posted on the Kuwait bourse website. The investment firm made a net profit of KWD2.47 million in the fourth quarter, compared with a loss of KWD5.61 million in the same period a year earlier, according to Zawya Dow Jones calculations.

KIC, which manages Kuwait's national investment portfolio on behalf of KIA, said its board has proposed that no dividend be distributed for 2011.

Its shares closed 1.9% lower at KWD0.106 in an overall negative market.

By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com

(END) Dow Jones Newswires

29-03-12 1301GMT