KUWAIT CITY, 14 February 2005 — Kuwait Projects Company (KIPCO) Group, Kuwait’s largest and most diversified private sector company, has announced record net profit of KD25.24 million ($85.64 million), or 25.05 fils (8.5 cents) per share, for the year ended Dec. 31, 2004, a 39 percent increase compared to the KD18.21 million ($61.79 million) or 18.02 fils (6.1 cents) earned in 2003. The board has recommended a cash dividend of 18 percent (18 fils per share) for 2004, up from 15 per cent (15 fils per share) in 2003. KIPCO, with a portfolio of some 70 companies in financial services, media & telecommunications, management & advisory, real estate and industry throughout the Middle East and North Africa, also posted an 18 percent rise in total consolidated assets, up to KD808 million ($2.741 billion) from KD685 million ($2.324 billion) in 2003.