'Growth trends continue' says company's CEO Banking
Kuwait City, 5 August, 2012: KIPCO - the Kuwait Projects Company - has announced net profit of KD 17.1 million (US$ 61 million), or 13.12 fils (US$ 4.68 cents) per share for the first six months of 2012 - an increase of 3 per cent on the KD 16.6 million (US$ 60.5 million) profit, or 13.34 fils (US$ 4.86 cents) per share, reported for the same period last year.
KIPCO's second quarter profit (for the three months ended 30 June, 2012) of KD 8.6 million (US$ 30.7 million) is an increase of 1.2 per cent on the KD 8.5 million (US$ 30.6 million) profit reported for the first three months of 2012.
KIPCO's total revenues for the first six months of 2012 increased by 20.2 per cent to KD 214.9 million (US$ 767.1 million) compared to the KD 178.8 million (US$ 651.5 million) for the first half of 2011.
The company also saw a rise in operating profit to KD 45.3 million (US$ 161.7 million) for the first half of 2012 - an increase of 31.7 per cent from the KD 34.4 million (US$ 125.34 million) reported in the first half of 2011.
KIPCO's consolidated assets increased in the first half of 2012, to KD 6.2 billion (US$ 22.1 billion) compared to KD 5.9 billion (US$ 21.2 billion) for the year end 2011.
Mr Masaud Hayat, KIPCO's Chief Executive Officer, Banking, said KIPCO's first half results continued the positive trends of previous financial quarters:
"Despite a difficult environment, our first half results maintained the growth patterns we saw in our first quarter and 2011 year-end results. In particular, our financial services businesses are showing continuing improvements in performance, building on the results they delivered at the end of last year. Our real estate and media businesses are also performing to our expectations for 2012. These are very positive signs and we hope these performance trends will continue into our third and final quarter financial results."
The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 22.1 billion as at 30 June, 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.Alawadhi@kipco.com
© Press Release 2012
