KIPCO – the Kuwait Projects Company (Holding) – announced a net profit of KD 6.42 million (US$ 21.2 million), or 4.48 fils per share (US$ 1.48 cents), for the second quarter of 2018 (the three months ended June 30, 2018). This is a 14 per cent increase over the KD 5.64 million (US$ 18.6 million) reported in first quarter of the year.

For the first six months of 2018, the company made a net profit of KD 12.1 million (US$ 40 million), or 6 fils per share (US$ 1.98 cents), compared to KD 14.1 million (US$ 46.6 million) reported in same period last year.

The company also reported a 7 per cent rise in its total revenue from operations during the first half of 2018, at KD 353.7 million (US$ 1.17 billion) from KD 330.7 million (US$ 1.09 billion) reported for the same period in 2017. KIPCO’s consolidated assets stood at KD 9.9 billion (US$ 32.7 billion) compared to KD 10.3 billion (US$ 34 billion) reported at year-end 2017.

Mr Masaud Hayat, KIPCO’s Chief Executive Officer – Banking, said:

“Despite our belief that the regional environment in which our businesses operate continues to be challenging, we have performed relatively well in the first six months of the year. The diversification of our portfolio has been a long-term KIPCO strategy and this has proven, time and again, to be crucial to our performance and a strength during times of both favorable and difficult economic circumstances.”