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FINANCIAL NEWS
Kuwait- KIPCO profit up 295%
04 Aug 2011
(MENAFN) The Kuwait Projects Company’s (KIPCO) Chief Executive Officer, Tariq Abdulsalam, said that the company registered an increase in profit by 295 percent to USD60.5 million in the first six months of the current year, compared with the same period from the previous year with a net profit of USD14.4 million, reported Arab Times.
The CEO also said that KIPCO’s second quarter profit reached about USD0.97 million, a 5 percent increase compared to the first quarter of the current year, with a net profit of USD 29.2 million. He added that the total revenues for the first six months of 2011 increased by 9 per cent to USD651.5 million compared with the same period from 2010.
Abdulsalam added that the company saw a rise in operating profit up to USD125.34 million for the first half of 2011, an increase of 59 percent from USD74.27 million reported in the first half of 2010.
Abdulsalam said that KIPCO’s consolidated assets decreased in the first half of 2011, to USD 19.6 billion compared with the first half of 2010 when the company registered about USD20.2 billion.
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