Arab Times

KIPCO reports net profit of KD 5.64mn for Q1

Total revenue rises 13% to KD 171mn


KUWAIT CITY, May 13: KIPCO — the Kuwait Projects Company (Holding) — announced a net profit of KD 5.64 million ($18.8 million), or 1.53 fils per share ($0.51 cents), for the first three months of 2018, an increase of 11 percent over the KD 5.07 million ($16.9 million) reported in same period last year.

During the first quarter of 2018, the company’s operating profits before provisions reached KD 23.5 million ($78.4 million), compared to KD 23.6 million ($78.7 million) in the first quarter of last year.

The company also reported a 13 percent rise in its total revenue from operations during the first quarter of 2018, at KD 171 million ($570.5 million) from KD 151.5 million ($505.4 million) reported for the same period in 2017.

KIPCO’s consolidat­ed assets stood at KD 9.8 billion ($32.7 billion) compared to KD 10.3 billion ($34.4 billion) reported at year-end 2017.

Tariq AbdulSalam, KIPCO’s Chief Executive Officer — Investment, said: “At our recent Shafafiyah Investors’ Forum, we projected that the challengin­g external elements that affected our companies’ performanc­e in 2017 — such as competitio­n and the weakened operating environmen­t in the region — would continue to have an impact this year.

Our positive performanc­e this quarter reflects our sound business model and operations, and we believe that our diversifie­d portfolio as well as years of prudent risk management and internal streamlini­ng of operations will help us continue steadily through 2018.”

 ??  ?? Tariq AbdulSalam, KIPCO’s CEO
Tariq AbdulSalam, KIPCO’s CEO

Newspapers in English

Newspapers from Kuwait