KUWAIT, 28 April 2005 — Middle Eastern holding firm Kuwait Projects Company (KIPCO) said first quarter net profit rose 25 percent to 8.4 million dinars ($28.8 million) on a big revenue jump and strong performance by some core holdings.
KIPCO said in a statement after the stock market close that earnings rose from 6.7 million dinars in the first three months of 2004. Earnings per share rose to 8.3 fils from 6.7 fils, the firm, which has assets of $10 billion under management, said. There are 1,000 fils per dinar. First quarter revenues rocketed 41 percent to 23.6 million dinars from 16.7 million dinars in the first quarter of 2004. “These results represent an excellent start to the year and maintain the group’s powerful growth momentum which has enabled us to build strong foundations for continued achievements,” said Managing Director and CEO Faisal Al-Ayyar.
KIPCO has substantial ownership interests in some 70 companies, throughout the region and internationally, chiefly in financial services and in media and telecommunications.
KIPCO’s core operating companies include Bahrain-based United Gulf Bank, which earlier this week said net first quarter profit climbed 43 percent to $16.3 million as total revenues surged by 86 percent.
Shares in KIPCO earlier finished down 15 fils, or 4.84 percent, at 295 fils, compared with year highs and lows at 335 fils and 208 fils, respectively.