Group performance continues to fare well: CEO-Investment
KUWAIT: KIPCO – the Kuwait Projects Company (Holding) – announced a net profit of KD 8.32 million ($27.4 million), or 3.43 fils per share (US$ 1.1 cents), for the third quarter of 2018 (the three months ended September 30, 2018). This is a 30 per cent increase over the KD 6.42 million (US$ 21.2 million) reported in the second quarter of the year and a 2 per cent increase over the profit reported for the same period last year.
For the first nine months of 2018, the company made a net profit of KD 20.4 million ($67.3 million), or 9.44 fils per share ($3.1 cents), compared to KD 22.3 million ($73.6 million) reported for the same period last year.
The company also reported a 10 per cent increase in its total revenue from continuing operations during the nine months of 2018, to KD 561 million ($1.85 billion) from KD 508 million ($1.68 billion) reported for the same period in 2017.
KIPCO’s consolidated assets stood at KD 10 billion ($33 billion) compared to KD 10.3 billion ($34 billion) reported at year-end 2017.
Tariq AbdulSalam, KIPCO’s Chief Executive Officer – Investment, said: “Our performance throughout 2018 has fared well despite the challenges that regional economic circumstances continue to present. We attribute our stable performance to internal streamlining and capacity building across the Group, as we draw strength from our long-term strategy of portfolio diversification.”