Kuwait's KIPCO Asset Management Company posts higher net profits
KIPCO Asset Management Company (KAMCO), Kuwait’s leading asset management and financial services provider, has posted a strong surge in 2004 third quarter net profit to KD 7 million (US$ 24 million), or 32 fils (10.95 cents) per share, compared to KD 4.7 million (US$16 million), or
31 fils (10.56 cents) per share, in the same period last year.
Third quarter 2004 revenues were KD 10 million (US$ 34 million), an increase of 9 per cent from KD 9 million (US$ 31 million) in the third quarter of 2003. Net profit in the three months period July-September 2004 was slightly down by 3 per cent to KD 1.80 million (US$ 6.11 million), or 8.44 fils (2.8 cents) per share, compared to KD 1.85 million (US$ 6.31 million), or 12.39 fils (4.2 cents) in the same period of 2003.
KAMCO’s paid-up share capital increased from KD 15 million (US$ 50.8 million) in the third quarter last year to KD 22.1 million (US$ 75 million) in the current year third quarter.
KAMCO chairman Masaud Hayat said: “We have seen continued growth momentum across our business sectors. These results, with a strong increase in profit, demonstrate the significance of our growth and financial strength.”
KAMCO, a subsidiary of United Gulf Bank (UGB), KIPCO’s investment banking subsidiary, has assets of US$ 4.35 billion under management or control, a portfolio of some 510 companies and individuals, and more than 120 employees throughout its operations.
KAMCO’s core operating companies are United Industries Co. (UIC) a specialised industrial investor in the oil, gas and foodstuffs sectors of the GCC and its neighbouring countries; Gulf Egypt Hotels and Tourism (GEHT), a five-star hotel and tourism company operating from Cairo which holds a major stake in the luxury Sheraton Heliopolis; and United Medical Services (UMSC), Kuwait’s leading health care provider with fast-growing services in dental and general health care.
KIPCO, with assets of more than US$ 10 billion under management or control, is one of the leading diversified holding companies in the Middle East and North Africa and a major regional force in financial services and media & telecommunications, with further interests in real estate and industry. The largest private sector company in Kuwait, KIPCO employs more than 10,000 people internationally and its shares are the most actively traded on the Kuwait Stock Exchange. (menareport.com)
© 2004 Mena Report (www.menareport.com)