- KUWAIT CITY: KIPCO — the Kuwait Projects Company — has announced a net profit of KD8.1 million ($29.2 million), or 6.84 fils ($2.47 cents) for the first three months of 2011 — an increase of 300 percent compared to the KD2 million ($6.93m) profit or 1.73 fils ($0.60 cents) per share, reported for the same period last year.
KIPCO’s total revenues for the first three months of 2011 increased by 18 percent to KD93.2 million ($336.2 million) from KD78.8 million ($273 million) in the first quarter of 2010.
The company also reported a rise in operating profit to KD18.2 million ($65.6 million) for the first quarter of 2011 — an increase of 22 percent from the KD14.9 million ($51.6 million) in the first quarter of 2010.
KIPCO’s consolidated assets decreased in the first quarter of 2011, to KD5.52 billion ($19.9 billion) from KD5.66 billion ($20.2 billion) for the year-end 2010.
A top official said KIPCO’s first quarter results were in line with the expectations voiced by the company at its recent Investor’s Forum.