Kuwait's KIPCO Upbeat on Outlook after Q1
Kuwait Projects Co., the country's largest investment company, sounded a confident note on its full-year outlook after reporting a five percent increase for first-quarter profit on Tuesday
May 1, 2012 3:22 by kippreport
Kuwait Projects Co., the country’s largest investment company, sounded a confident note on its full-year outlook after reporting a five percent increase for first-quarter profit on Tuesday. KIPCO, a major regional investment house with stakes in media, industrial, financial and real estate companies, said it made net profit of 8.5 million dinars ($30.66 million) in the first three months of the year, compared with 8.1 million dinars a year earlier.
First-quarter revenue rose 16 percent to 108.4 million Kuwaiti dinars while consolidated assets grew to 6.1 billion dinars.
The company’s chief executive for investments said KIPCO had already predicted growth in its financial services and media businesses during 2012. “This expected growth is now beginning to emerge and its impact is reflected in our first quarter results,” Tariq Abdulsalam said in a statement. “We expect these growth trends to continue and perhaps accelerate, as the year progresses. If this happens, we hope to meet – or even exceed – the expectations we have for our year-end results,” he said without elaborating.
Shares in the company closed at 325 Kuwaiti fils on Tuesday.
(Reporting by Sylvia Westall; Editing by Reed Stevenson)