KIPCO – the Kuwait Projects Company – has announced net profit of KD 8.6 million (US$ 30.2 million), or 6.34 fils (US$ 2.23 cents) per share for the first three months of 2013 – an increase of 1 per cent compared to the KD 8.5 million (US$ 30.6 million) profit, or 6.20 fils (US$ 2.23 cents) per share, reported for the same period last year.

KIPCO’s total revenues for the first three months of 2013 increased by 18 per cent to KD 145 million (US$ 509 million) from KD 123 million (US$ 443 million) in the first quarter of 2012.

The company also saw a 16% increase in operating profit for the first quarter of 2013 to KD 29 million (US$ 102 million) from the KD 25 million (US$ 90 million) reported in the first quarter of 2012.

KIPCO’s consolidated assets increased in the first quarter of 2013, to KD 7.3 billion (US$ 25.6 billion) from KD 7.2 billion (US$ 25.6 billion) for the year end 2012. Earnings per share increased in the first quarter by 2 per cent to 6.34 fils (US$ 2.23 cents) compared to 6.2 fils per share (US$ 2.23 cents) for the first three months of 2012.

Mr Masaud Hayat, KIPCO’s Chief Executive Officer Banking, said the company’s revenue expectations – outlined at its recent Investor’s Forum – were reflected in KIPCO’s first quarter results:

“At our recent Shafafiyah Investor’s Forum, we said we expected double-digit revenue growth from our core companies during 2013. These first quarter results show that we are on target to meet this expectation with solid performances being delivered across all sectors. For example, our financial services and media segments have both recorded a 26% increase in revenue for the first quarter. Our manufacturing industries have reported a 20% rise in revenue for the same period, while our real estate operations have recorded a similar increase. We are confident that these very positive trends will continue during 2013 and have a significant impact on our results as the year progresses.”