Kuwait’s KIPCO reports USD50m for Q4 profit

26 Feb 2011

(MENAFN) Investment firm Kuwait Projects Co (KIPCO) chief executive officer, Tariq Abdulsalam, said that the company was able to deliver net profits of USD50.9 million in spite of the obstacles caused by the status of global economy, reported Arabian Business.

The CEO said that the company successfully went back to profits, compared to USD21.5 million loss in the same quarter of the previous year.

The CEO added that the full year net profit stood at USD161.2 million increasing 22 percent, year on year, while revenue hiked to USD1.461 billion from USD1.436 billion in 2009.

The CEO declined to give the estimations of 2011. However, he commented that results would be positive.

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