GIC’s net profit up 9.5 percent in 2003
Kuwait’s Gulf Insurance Company (GIC) reported a net profit of 5.4 million Kuwaiti dinars ($18 million) for 2003, an increase of 9.5 percent compared to the previous year.
The board of directors has recommended a cash dividend of 42 percent of the share face value, stated a press release. Technical profit for 2003 increased by 17.6 percent to KD 2.6 million; this after significantly increasing technical reserves to KD 17.6 million from KD 13 million. Shareholders' equity grew by 31.3 percent to KD 53 million from KD 40 million.
GIC is part of the Kuwait Projects Company (KIPCO). With assets of more than $10 billion under management or control, KIPCO is a regional force in financial services and media and technology, with further interests in real estate and industry. Its companies include Wataniya Telecom and the KIPCO Asset Management Company (KAMCO). — (menareport.com)
© 2004 Mena Report (www.menareport.com)