KUWAIT: KIPCO – the Kuwait Projects Company – has announced a net profit of KD25.4 million ($84.1 million) in the first six months of 2015, an increase of 17 per cent on the KD21.7 million ($71.8 million) reported for the same period last year. In the second quarter (the three months ended 30 June, 2015), KIPCO made a net profit of KD13.4 million ($44.4 million), an increase of 17.5 per cent on the KD 11.4 million ($37.7 million) profit reported in the same period of 2014. KIPCO’s total revenue for the first six months of 2015 increased 5.2 per cent to KD 304 million ($1.01 billion) compared to the KD289 million ($ 957 million) for the first half of 2014.
The company also saw a 4.4 per cent rise in operating profit before provisions for the first half of 2015 to KD 81 million ($268 million) from the KD77.6 million ($257 million) reported in the first half of 2014. KIPCO’s consolidated assets increased in the first half of 2015 to KD 9.6 billion ($31.8 billion) from KD 9.3 billion ($30.8 billion) at yearend 2014. Tariq AbdulSalam, KIPCO’s Chief Executive Officer – Investments, said the company’s first half results reflect the continued strong performance of KIPCO’s core businesses, in line with the company’s objectives for the year: “At our Shafafiyah Investors’ Forum in March, we announced that we aim to double our 2014 profits by 2018.
The results of the first six months of the year are on course to achieving this objective, as our core companies continue to grow their revenue and operating profit. The performance of our core companies is on track, and we expect them to continue to deliver positive performance for the remainder of 2015.”