KIPCO – the Kuwait Projects Company – has announced a net profit of KD 10.3 million (US$ 36.6 million), or 7.14 fils (US$ 2.54 cents) per share for the first three months of 2014 – an increase of 20 per cent on the KD 8.6 million (US$ 30.2 million) profit, or 6.04 fils (US$ 2.12 cents) per share, reported in the same period last year.

KIPCO’s total revenue for the first three months of 2014 increased by 19 per cent to KD 137 million (US$ 486 million) compared to the KD 115 million (US$ 404 million) reported for the first three months of last year.

The company saw a 23% increase in operating profit before provisions for the first quarter of 2014 to KD 34 million (US$ 121 million) from KD 27.7 million (US$ 97 million) reported in the first quarter of 2013.

KIPCO’s consolidated assets increased in the first quarter of 2014 to KD 9 billion (US$ 32 billion) from KD 8.6 billion (US$ 30.5 billion) at year-end 2013.

Mr Tariq AbdulSalam, KIPCO’s Chief Executive Officer – Investments, said KIPCO’s first quarter results reflected the company’s profit expectations outlined in its Shafafiyah Investor’s Forum:

“As we announced in our recent Shafafiyah Investors’ Forum, our first quarter results reflect the continued double-digit profit growth that we expect from the company’s core businesses in 2014. The financial services and media segments of our business have reported profit increases of 12% and 211% compared to the first three month of 2013, while our manufacturing segment profit rose 43% for the same period. This has resulted in an overall year-on-year increase of 19% in revenue and a 20% rise in profitability. These growth trends across our operating sectors are an indication of the positive performance we expect for 2014.”