KIPCO – the Kuwait Projects Company – has announced a net profit of KD 13.5 million (US$ 44.7 million) for the first three months of 2016 – an increase of 13 per cent over the KD 12 million (US$ 40 million) profit reported for the same period last year. Earnings per share grew by 18 per cent to 7.45 fils (US$ 2.5 cents) from 6.31 fils (US$ 2.1 cents) per share reported for the same period last year.

The company also reported a 7 per cent rise in its operating profits before provisions during the first quarter of 2016, at KD 40 million (US$ 133 million) from KD 37.5 million (US$ 124 million) reported for the first quarter of last year.

KIPCO’s consolidated assets increased to KD 10 billion (US$ 33 billion) from KD 9.6 billion (US$ 32 billion) at year-end 2015.

Mr Tariq AbdulSalam, KIPCO’s Chief Executive Officer – Investment, said the company’s first quarter results reflect the revenue growth KIPCO’s  core companies continue to achieve despite the difficult global economic conditions:  

“Our first quarter results are in line with our performance expectations, given the difficult trading conditions the world is experiencing. The revenue growth achieved by our core businesses in the first quarter of 2016 will help KIPCO achieve growth in the high single digit by the end of the year, as we forecasted in our Shafafiyah Investors’ Forum in March.”