KIPCO Asset Management Company (KAMCO) reported net profits of 1.85 million Kuwaiti dinars ($6.29 million) for the third quarter of 2003. The company’s net profits for the first nine months of 2003 were KD 4.67 million, higher than profits for the full year 2002, which were KD 2.66 million.
The company's total assets recorded a marked increase of 5.4 percent to KD 61.14 million compared to the end of 2002 with KD 58 million. Shareholders' equity reached KD 28.72 million at the end of September 2003, compared to KD 22.36 million at the end of 2002, a rise of 28.4 percent.
KAMCO is a member of the Kuwait Projects Company Holding (KIPCO), which is one of the largest groups in the Middle East and North Africa region. Established in 1998, it is a financial investment services company and listed its shares on the KSE after unprecedented demand in a pre-listing private placement. — (menareport.com)
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