KIPCO recorded 45 percent profit increase in 1H 2003
The Kuwait Projects Company (KIPCO) announced net profits of 8.076 million (26.9 million) for the first half of 2003, an increase of 45.4 percent compared to KD 5.5 million during the same period last year.
The half-year rise, underpinned by a second quarter surge in net profit by 86.4 percent reflects substantial and consistent growth among the group's diversified financial and telecommunications investment holdings.
KIPCO's total revenues in the first six months of 2003 were KD 28.364 million, up 17.8 percent from KD 24.080 million in the same period last year, with second quarter revenues at KD 15.706 million, a rise of 9.3 percent.
Founded in 1975, KIPCO is an investment holding company with investments and activities throughout the Arab world and beyond. Headquartered in Kuwait, the KIPCO group includes United Gulf Bank, Gulf Insurance Company, Burgan Bank and KAMCO in the financial sector, and United Broadcasting, Wataniya Telecom, ShowNet and United Cable Company in media and technology.
KIPCO also has substantial interests in real estate through United Real Estate Company and in the industrial sector with United Industries Company, Saudi Dairy and Foodstuffs Company (SADAFCO) and United Fisheries of Kuwait. — (menareport.com)
© 2003 Mena Report (www.menareport.com)