KIPCO – the Kuwait Projects Company – has announced a net profit of KD 37.2 million (US$ 123.1 million) for the first nine months of 2015, an increase of 17 per cent on the KD 31.82 million (US$ 105.3 million) reported for the same period of 2014.

KIPCO’s net profit for the three months ended September 30, 2015, came to KD 11.8 million (US$ 39.1 million), an increase of 17 per cent on the KD 10.1 million (US$ 33.4 million) reported for the same period last year.

The company’s total revenue for the first nine months of 2015 increased by 3 per cent to KD 451.7 million (US$ 1.49 billion) compared to KD 438.3 million (US$ 1.45 billion) reported for the first nine months of last year.

KIPCO’s consolidated assets increased in the first nine months of 2015 to KD 9.5 billion (US$ 31.4 billion) from KD 9.3 billion (US$ 30.8 billion) at year-end 2014.

Mr Masaud Hayat, KIPCO’s Chief Executive Officer – Banking, said KIPCO’s results in the first nine months of the year demonstrate the strong performance of the core companies despite the harsh economic circumstances in the region:

“The results of the first nine months of the year reflect the level of delivery we expected from our core businesses. The performance of our companies is in line with the expectations we announced to our shareholders during our Shafafiyah Investors’ Forum in March. Despite the difficult economic conditions in some of the countries in which we operate, the results we have achieved remain on the course of our objective to double our 2014 profit by 2018.”