KIPCO – the Kuwait Projects Company – has announced net profit of KD 9.5 million (US$ 33.3 million) for the second quarter (the three months ended 30 June, 2013), an increase of 10.5 per centon the KD 8.6 million (US$ 30.7 million) profit reported in the same period of 2012.

In the first six months of 2013, KIPCO made a net profit of KD 18.1 million (US$ 63.4 million), an increase of 6 per cent on the KD 17.1 million (US$ 61 million) profit reported for the same period last year.

KIPCO’s earnings per share in the first six months of 2013 increased 6.5 per cent to 13.30 fils (US$ 4.7 cents) compared to 12.49 fils (US$ 4.5 cents) in the same period of 2012.

KIPCO’s total revenues for the first six months of 2013 increased by 22.5 per cent to KD 307.6 million (US$ 1,078 million) compared to the KD 251 million (US$ 896 million) for the first half of 2012.

The company also saw a rise in operating profit to KD 61.4 million (US$ 215 million) for the first half of 2013 – an increase of 29.5 per cent from the KD 47.4 million (US$ 169.2 million) reported in the first half of 2012.

KIPCO’s consolidated assets increased in the first half of 2013, to KD 7.7 billion (US$ 27 billion) compared to KD 6.2 billion (US$ 22.1 billion) for the same period in 2012.

Mr Tariq Abdulsalam, KIPCO’s Chief Executive Officer – Investments, said KIPCO’s first half results showed that the company is on course to reach its target of double-digit revenue growth in 2013:

“In March this year we said that we expected our core companies to achieve double-digit revenue growth in 2013. Following our first quarter – where we saw significant growth across all sectors – these first half results continue to meet our expectations. Our financial services and media segments have delivered 19% and 42% respective increases in revenue in the first half of the year, while our manufacturing industries and real estate operations have reported a 13% and 19% respective rise in revenue for the same period. These results show that our core companies are producing the performances we expected and that we are on course to meet our revenue growth target. We believe these growth levels will continue – and perhaps even accelerate – during the rest of the year.”