'Results reflect consistent strong performance, in line with our objective to double profits by 2018' says company's CEO Banking

Kuwait City, 02 May, 2015: KIPCO - the Kuwait Projects Company - has announced a net profit of KD 12 million (US$ 40 million) for the first three months of 2015 - an increase of 17 per cent over the KD 10.3 million (US$ 34.3 million) profit reported for the same period last year. Earnings per share grew by 24% to 8.84 fils (US$ 2.9 cents) from 7.14 fils (US$ 2.4 cents) per share reported for the same period last year.

The company also reported a 9 per cent rise in its operating profits before provisions during the first quarter of 2015 to KD 37 million (US$ 123 million) from KD 34 million (US$ 113 million) reported for the first quarter of last year.

KIPCO's consolidated assets increased to KD 9.4 billion (US$ 31.3 billion) from KD 9.3 billion (US$ 30.9 billion) at year-end 2014.

Mr Masaud Hayat, KIPCO's Chief Executive Officer - Banking, said KIPCO's first quarter results reflect a consistent trend of strong performance and are in line with the company's core objectives as outlined during the 2015 Shafafiyah Investor's Forum:

"As we announced in our recent Shafafiyah Investors' Forum, our first quarter results are on course with our objectives of doubling our 2014 profits by 2018, driven by underlying operating profit growth across our core companies. The revenue and operating profit growth trends in our main operating entities during the first quarter of 2015are an indication of the positive performance we expect for the remainder of the year."

-Ends-

The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 31.3 billion as at 31 March 2015. 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.

The conversion rate used is US$1 to KD 0.30025.

Further information:                            
Eman Al Awadhi             
Group Communications Director
Corporate Communications Department
T: +965 2294 3416                                   
M:+965 6033 6399
Eman.Alawadhi@kipco.com

Emeel Bishay                
Manager, External Communications                                   
Corporate Communications Department
T: +965 2294 3423                                   
M:+965 9756 5732                                   
Emeel.Bishay@kipco.com

© Press Release 2015