Kipco posts 20pc profit increase
Dubai, July 23, 2014
Kuwait Projects Company (Kipco) has announced a net profit of KD21.7 million ($77 million) for the first six months of 2014, an increase of 20 per cent on the KD18.1 million profit reported for the same period last year.
In the second quarter, Kipco made a net profit of KD11.4 million ($40.5 million), an increase of 20 per cent on the KD9.5 million profit reported in the same period of 2013.
Kipco’s earnings per share in the first half of 2014 increased 21 per cent to 15.27 fils compared to 12.66 fils in the same period last year.
Kipco’s total revenue for the first six months of 2014 increased by 18 per cent to KD289 million ($1.03 billion) compared to the KD244 million for the first half of 2013.
The company also saw a 22 per cent rise in operating profit before provisions for the first half of 2014 to KD78 million from the KD64 million reported in the first half of 2013.
Kipco's consolidated assets increased in the first half of 2014, to KD9.1 billion from KD8.6 billion at year end 2013.
Masaud Hayat, Kipco’s chief executive officer - banking, said the company’s first half results showed that it is on course to maintain its target of double-digit revenue growth in 2014:
“In our Shafafiyah Investors’ Forum, which was held in March, we expected our core businesses to continue achieving double-digit profit growth in 2014. 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 18pc and 35pc respective increases in revenue in the first half of the year, while our real estate operations have reported a 12pc rise in revenue for the same period.
"These results show that our core companies are delivering the performances we expected for 2014 and we believe this growth performance will continue throughout the year,” he said.
Kipco Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of $32.3 billion as at June, 30, The group has significant ownership interests in over 60 companies operating across 24 countries. - TradeArabia News Service