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Kuwait’s KIPCO Q4 net profit down 54 percent

Kuwait’s KIPCO Q4 net profit down 54 percent

Kuwait Projects Co. , the country's largest investment firm, saw its net profit fall 54 percent in the fourth quarter, and posted a 33 percent drop in yearly profit compared to 2010.

February 23, 2012 11:07 by

The company, known as KIPCO, had earnings of 6.4 million dinars ($23.04 million) in the three months ending Dec. 31, compared to 14 million dinars for the same period in 2010, a statement said.

Net profit in 2011 stood at 30 million dinars, compared to 45 million dinars net profit a year earlier.

In 2010, KIPCO recorded a gain from the sale of it 39.2 percent stake in Gulf Insurance Co. to Canada’s Fairfax Financial Holding for $208.6 million.

The company said its consolidated assets increased in 2011 to 5.8 billion dinar from 5.67 billion in 2010.

The board recommended a 20 percent cash dividend, or 20 fils per share, and a 5 per cent free share distribution. ($1 = 0.2778 Kuwaiti dinars) (Reporting by Mahmoud Habboush; Editing by Firouz Sedarat)

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