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Kuwait City: KIPCO – the Kuwait Projects Company (Holding) – has announced a net profit of KD 6.5 million (US$ 21.4 million) for the first three months of 2019, an increase of 15 per cent over the KD 5.64 million (US$ 18.5 million) reported in the same period last year.
Earnings per share was up 41 per cent from 1.53 fils (US$ 0.50 cents) reported in the first quarter of 2018 to 2.16 fils (US$ 0.71 cents) for the first three months of 2019.
The company’s consolidated assets stood at KD 10.1 billion (US$ 33 billion), compared to KD 10.4 billion (US$ 34 billion) reported at year-end 2018.
Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said:
“We noted in our recent Shafafiyah Investors’ Forum that the positive performance of our companies last year paves the way for an expected continuation of growth in 2019, and the results we have achieved in the
first quarter of the year support this. While we remain guarded, we are optimistic that we are on track towards a more positive outcome for this year.”
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The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 33 billion as at 31 March 2019. 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.
Further information:
Eman Al Awadhi
Group Communications Director
Corporate Communications Department
T: +965 2294 3416
M:+965 6033 6399
Eman.Alawadhi@kipco.com
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