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.”