KIPCO an­nounces net profit of KD 14.1m for first half of 2017

‘Our core busi­nesses are de­liv­er­ing as pro­jected’: Ab­dulSalam

Kuwait Times - - BUSINESS -

KIPCO - the Kuwait Projects Com­pany (Hold­ing) - has an­nounced a net profit of KD 14.1 mil­lion ($46.5 mil­lion), or 7.76 fils per share ($2.6 cents), for the first six months of 2017, com­pared to KD28 mil­lion ($92.4 mil­lion), or 18.30 fils per share ($6 cents), re­ported for the same pe­riod last year.

In the sec­ond quar­ter (the three months ended 30 June, 2017), KIPCO made a net profit of KD 9.1 mil­lion ($30 mil­lion), com­pared to KD14.5 mil­lion ($47.9 mil­lion), re­ported in the same pe­riod of 2016.

KIPCO’s con­sol­i­dated as­sets re­mained at the KD 10 bil­lion ($33 bil­lion) re­ported at year-end 2016. Tariq Ab­dulSalam, KIPCO’s Chief Ex­ec­u­tive Of­fi­cer - In­vest­ment, said the com­pany’s re­sults dur­ing the first six months of the year were in line with ex­pec­ta­tions for a chal­leng­ing year: “While we are still fac­ing a num­ber of ex­ter­nal chal­lenges that are af­fect­ing our per­for­mance, as pro­jected ear­lier this year, our core busi­nesses con­tinue to ex­ceed the re­sults ex­pected from them dur­ing these dif­fi­cult times. Our con­tin­ued in­ter­nal stream­lin­ing ef­forts and build­ing of ca­pac­ity across the Group will al­low us to emerge stronger from 2017. We con­tinue to see pos­i­tive signs that tran­si­tory fac­tors af­fect­ing some of our port­fo­lio com­pa­nies are be­ing han­dled well, and these com­pa­nies are mov­ing in line with our ex­pec­ta­tions. This makes us cau­tiously op­ti­mistic for the com­ing years.”

Tariq Ab­dulSalam

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