KIPCO announces 10% increase in net profit
KUWAIT: KIPCO - the Kuwait Projects Company - has announced a net profit of KD 28 million ($93 million) in the first six months of 2016, an increase of 10 percent on the KD 25.4 million ($84.2 million) reported for the same period last year. Earnings per share increased 13 per cent in the first half of the year, standing at 18.3fils ($6.06 cents) from 16.2fils ($5.4 cents) per share reported for the same period in 2015.
In the second quarter (the three months ended 30 June, 2016), KIPCO made a net profit of KD 14.5million ($48.1million), up 8per cent from the KD 13.4 million ($44.4 million) profit reported in the same period of 2015. KIPCO’s total revenue for the first six months of 2016 increased8per cent to KD328million ($1.1 billion) compared to the KD 304 million ($1.01 billion) for the first half of 2015. KIPCO’s consolidated assets increased to KD 10billion ($33billion) in the first half of 2016, from KD 9.6 billion ($32 billion) at year-end 2015.
Masaud Hayat, KIPCO’s Chief Executive Officer Banking, said the company’s results in the first half of the year reflect the growth its core businesses are achieving, in line with KIPCO’s objectives for the year: “While the economic circumstances in the region remain challenging, our core companies have continued to grow their revenue.
This reflects our companies’ sound planning and their ability to work and deliver despite difficult trading conditions. In the remaining months of 2016, we expect to stay on track to deliver our year-end target of growth in the high single digit.”