Kuwait Projects Co (Kipco), the country's biggest investment company by assets, posted a 61 per cent decline in its second-quarter net profit.

Net profit for the quarter came in at KD4.83 million ($16.86 million), down from KD12.4 million in the year-earlier period, Kipco said in a statement on the Kuwaiti bourse website on Tuesday.

Profit in the first half to June 30 amounted to KD9.6 million, compared with KD21.6 million in the same period a year earlier, Kipco said.

'Our results are also underpinned by Kipco's strong financials where we have enough cash to meet all our debt obligations until 2020,' Samer Khanachet, Kipco's chief operating officer said in a statement. – Reuters