KIPCO – the Kuwait Projects Company – has announced a net profit of KD 26.1 million (US$ 92.3 million), or 19.13 fils (US$ 6.8 cents) per share for the first nine months of 2013 – an increase of 10 per cent on the KD 23.7 million (US$ 84.3 million) profit, or 17.40 fils (US$ 6.2 cents) per share, reported in the same period last year.

KIPCO’s third quarter profit (for the three months ended September 30, 2013) of KD 8 million (US$ 28.3 million) was an increase of 21 per centon the KD 6.6 million (US$ 23.5 million) profit achieved in the third quarter of 2012.

KIPCO’s total revenues for the first nine months of 2013 increased by 22 per cent to KD 458 million (US$ 1.6 billion) compared to the KD 375 million (US$ 1.3 billion) reported for the first nine months of last year.

The company also saw a rise in operating profit to KD 86 million (US$ 304 million) for the first nine months of 2013 – an increase of 25 per cent from the KD 69 million (US$ 245 million) reported in the first nine months of 2012.

KIPCO’s consolidated assets increased in the first nine months of 2013, to KD 8.1 billion (US$ 29 billion) from KD 7.2 billion (US$ 26 billion) for the year-end 2012.

Mr Masaud Hayat, KIPCO’s Chief Executive Officer – Banking, said KIPCO’s third quarter results were consistent with the company’s performance so far this year:

“As we expected, our third quarter results have continued the patterns of previous quarters, with our financial services, media and real estate companies all delivering a growth in revenue over the last nine months. For example, our financial services and media segments have reported respective increases of 32% and 24% over the last nine months, while our manufacturing industries and real estate operations have delivered 10% and 9% rise respectively for the same period. Overall, this has produced a 22% year-on-year increase in revenue and a 10% rise in profitability. Providing we see similar performances in the final quarter, we will be maintaining the double-digit growth we have now achieved.”