KIPCO’s profit up 77 percent in first nine months of 2003
The Kuwait Projects Company (KIPCO) recorded net profits of 12.1 million Kuwaiti dinars ($41.2 million) for the first nine months of 2003, a 77 percent increase compared to the same period last year.
Net profits for the three months of June to September were KD 403 million, up 216 percent compared to KD 1.2 million recorded for the same quarter of 2002. During the first nine months of 2003, the market value of KIPCO's investments in core listed subsidiaries and associated companies rose by KD 90 million, an increase of 33.75 percent from results in 2002.
KIPCO, with assets of more than $10 billion under management or control, 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).
KIPCO Group companies also include United Real Estate (URC), Burgan Bank, Gulf Insurance Company (GIC), United Industries (UIC) and its affiliate United Fisheries of Kuwait (UFK). — (menareport.com)
© 2003 Mena Report (www.menareport.com)