Kuwait’s KAMCO reports 84% rise in net profits
KIPCO Asset Management Company (KAMCO), Kuwait’s leading asset management and financial services provider and part of Kuwait Projects Company (KIPCO), has posted an 84 per cent leap in net profit in the first half of 2004 to KD 5.2 million (US$ 17.6 million), or 23.8 fils (8.1 cents) per share, compared to KD 2.8 million (US$9.5 million), or 17.1 fils (5.7 cents) per share, in the same period last year.
KAMCO’s 2004 first half revenues were KD 7 million (US$ 23.4 million), an increase of 18 per cent from KD 5.9 million (US$ 20 million) in the first half of 2003. Second quarter net profit in 2004 was up 13 per cent to KD 2.2 million (US$ 7.4 million, or 10.10 fils (3.4 cents) per share, compared to KD 1.9 million (US$ 6.4 million), or 11.70 fils (4.0 cents) in the 2003 second quarter. Paid-up share capital rose to KD 22 million (US$ 74.6 million) in the 2004 second quarter, from KD 15 Million (US$ 50.8 million) in the second quarter last year.
“Our impressive growth pattern continues and these results show the effect of our creative strategies for new long-term investments and major business activities in both local and regional financial sectors,” said KAMCO general manager Tariq Abdul Salam.
KAMCO, a subsidiary of United Gulf Bank (UGB) of Bahrain - KIPCO’s investment banking subsidiary - is a dynamic force in the Kuwaiti market, with a solid track record of innovative and successful customer services including bond issues, private placements, investment funds, and local and international market trading. The company’s strong presence in the financial marketplace is reflected in the dynamic growth of its Assets Under Management (AUM), which now stand at nearly KD 1.81 billion (US$ 6.1 billion).
KAMCO’s investment holdings include United Industries Company (UIC) a major industrial and manufacturing infrastructure provider with sizable investments in dairy, food service, fisheries and industrial coating businesses; Gulf Egypt Hotels and Tourism Company (GEHT) operating from Cairo and holding a major stake in the luxury Sheraton Heliopolis Hotel complex; and United Medical Services Company (UMSC) Kuwait’s leading health care provider with rapidly-expanding services in dental and general health care.
KIPCO, the largest private company in Kuwait with US$ 10 billion under management or control, has a portfolio of some 70 companies with major activities in financial services, media & telecommunications, management & advisory services, real estate and industry throughout the Middle East and North Africa. (menareport.com)
© 2004 Mena Report (www.menareport.com)