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FINANCIAL NEWS
Kuwait’s KIPCO records USD40m net profitin Q1
03 May 2015
(MENAFN) The Kuwait Projects Company (KIPCO) posted USD 40 million net profit in the first quarter of the year, marking an increase by 17 percent year-on-year, Kuwait News Agency reported.
It might be useful to note that the profit of the corresponding period last year stood at USD 34.3 million, according to corporate a statement. Additionally, the profit-per-share increased by 24 percent.
As for the pre-provisional operating profits, they witnessed a 9 percent jump, reaching USD123 million compared to USD113 million year-on-year.
“As we announced during the forum, the results of Q1 of 2015 go in harmony with our objectives aiming to double the size of profits achieved in 2014 by 2018 driven by a growth in operational profits of our main companies,” KIPCO’s CEO for Banking Masaud Hayat said.
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