KIPCO – the Kuwait Projects Company – has announced a net profit of KD 10.1 million (US$ 35.1 million), or 7.36 fils (US 2.6 cents) per share, for the three months ended September 30, 2014, an increase of 26 per cent on the KD 8 million (US$28.3 million) profit, or 5.56 fils (US 2.0 cents) per share, achieved during the same period of 2013.
KIPCO’s net profit during the first nine months of 2014 came to KD 31.82 million (US$ 110.5 million), or 22.63 fils (US 7.9 cents) per share, an increase of 22 per cent on the KD 26.1 million (US$ 92.3 million) profit, or 18.22 fils (US 6.4 cents) per share, reported for the same period last year.
The company’s total revenue for the first nine months of 2014 increased by 19 per cent to KD 438.3 million (US$ 1.5 billion) compared to KD 369.5 million (US$ 1.3 billion) reported for the first nine months of last year.
Operating profit before provisions rose to KD 122.2 million (US$ 424 million) for the first nine months of 2014, an increase of 27 per cent from KD 96.6 million (US$ 342 million) reported for the same period in 2013.
Mr Tariq AbdulSalam, KIPCO’s Chief Executive Officer – Investments, said that the company is on track to achieve double digit growth in 2014. Indicators point towards healthy performance as anticipated earlier in the year:
“As we forecast during our Shafafiyah Investors’ Forum in March, our third quarter results have maintained growth patterns in double digits across core businesses in 2014. Revenue from our financial services and media segments have increased by 25% and 35% respectively over the last nine months, while revenue from real estate operations rose by 17% for the same period. These results reflect the strength of our core companies. We believe this growth will continue throughout the remainder of the year.”