'Q2 results prove that our performance is on the right track': Al-Ayyar

KUWAIT: KIPCO - the Kuwait Projects Company (Holding) - has announced a net profit of KD 13.58 million ($45 million) for the first six months of 2019, an increase of 13 per cent over the KD 12.06 million ($40 million) reported for the same period last year.

Earnings per share was up 19 per cent from the 5.9 fils ($1.95 cents) reported in the first half of 2018, to 7 fils ($2.31 cents) in the first six months of 2019. In the second quarter (the three months ended June 30, 2019), KIPCO reported a 10 per cent rise in net profit to KD 7.1 million ($23.4 million), compared to KD 6.42 million ($21.2 million) reported in the same period of 2018. Earnings per share for the quarter was up 11 per cent from 4.40 fils ($1.45 cents) to 4.88 fils ($1.61 cents).

The company's consolidated assets came to KD 10 billion ($33 billion), compared to KD 10.4 billion ($34 billion) reported at year-end 2018. Faisal Al-Ayyar, KIPCO's Vice Chairman (Executive), said: "The results we achieved in the first quarter of the year indicated that our performance will be positive and that our companies will continue to grow, which has been proven true in the second quarter. While we stay cautious, we expect to stay on track for the remainder of the year, supported by the strong performance of our core companies despite the challenging environment in which they operate."