The Kuwait Projects Company (KIPCO) has reported a net profit of 18.2 million Kuwaiti dinars ($61.8 million) for 2003, a 182 percent increase compared to the KD 6.45 million earned in 2002.
The board of directors has recommended a cash dividend of 15 percent of the share face value, or 15 fils per share, stated a press release.
Total revenues for 2003 increased by 70 percent to KD 68.1 million from KD 40.1 million in 2002. Total assets were KD 685 million compared to KD 579.1 million, a rise of 18.3 percent, and shareholders' equity grew by 14.6 percent to KD 160.5 million from KD 140 million 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)
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