KAMCO profit leaps 199 percent in 2003
The Kuwait Investment Projects Asset Management Company (KAMCO), an asset management and financial services provider has reported a net profit of eight million Kuwait dinars ($27 million) for the year ending December 31, 2003, a leap of 198.5 percent compared to last year.
The board of directors has recommended a cash dividend of 10 percent of the share face value, and issue of bonus shares of 10 percent of the paid-up capital of the company.
Total revenues for 2003 increased by 101 percent to KD 15.9 million from KD 7.9 millionin 2002. Total assets were KD 88.3 million compared to KD 58 million, a rise of 52 percent, and shareholders' equity grew by 108 percent to KD 46.4 million from KD 22.3 million in 2002.
KAMCO is part of the Kuwait Projects Company (KIPCO) group. It was established in 1998 to provide a wide range of financial and asset management services. KIPCO, with assets of more than $10 billion under management or control, is the largest private holding company in Kuwait. — (menareport.com)
© 2004 Mena Report (www.menareport.com)