Nov 14 2005 |
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KAMCO 2005 Third quarter Profit Leaps 81.44% Per Cent to KD 12.67 Million (US$ 43.4 Million)
Earnings per Share 58 fils (20 cents)Kuwait City - KIPCO Asset Management Company (KAMCO), Kuwait's most advanced and innovative asset management and financial services company, and part of Kuwait Projects Company (KIPCO), has posted a 81.4 per cent leap in 2005 third quarter net profit to KD 12.67 million (US$ 43.4 million), or 58 fils (20 cents) per share, compared to KD 6.98 million (US$ 23.9 million), or 32.26 fils (11 cents) per share in the 2004 first third quarter period.
Total shareholders' equity in the 2005 third quarter surged 38.76 per cent to KD 66.15 million (US$ 226.5 million), compared to KD 47.7 million (US$ 163.4 million) in the same period last year.
Total assets also increased in the 2005 third quarter, up 28.82 per cent to KD 116.17 million (US$ 397.8 million), against KD 89.1 million (US$ 305.1 million) in the 2004's third quarter.
In the full year 2004, KAMCO posted net profit of KD 8.1 million (US$ 27.7 million), or 37.8 fils (13 cents) per share.
KAMCO, a subsidiary of United Gulf Bank (UGB), KIPCO's investment banking subsidiary, has assets of US$ 5.84 billion under management or control, a portfolio of some 557 companies and individuals, and more than 120 employees throughout its operations.
KAMCO's core operating companies are United Industries Co. (UIC) the specialized industrial investor in the oil, gas and foodstuffs sectors of the GCC and its neighboring countries; Gulf Egypt Hotels and Tourism (GEHT), a five-star hotel and tourism company operating from Cairo which holds a major stake in the luxury Sheraton Heliopolis; and United Medical Services (UMSC), Kuwait's leading health care provider with fast-growing services in dental and general health care.
-Ends-
For further information please contact:
Aseel Al-Turkait
Senior Officer, Marketing
Tel: 965 805 885
Ext: 1318
KAMCO
Robin Wilson
Senior Consultant
Tel: 965 635 6969
Hill & Knowlton
© Press Release 2005
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