The Kuwait Projects Company (KIPCO) posted a 173 percent net profit rise in the first quarter of 2004 reaching 6.73 million Kuwait dinars ($22.83 million) compared to the first quarter of 2003.
The company's first quarter revenues for this year were KD 19.5 million compared to KD 12.6 million in the same period of 2003, a 54 percent increase of KD 6.9 million.
KIPCO's strong growth is underpinned by similar performances in the first quarter by its core listed companies. Burgan Bank's net profit in the quarter surged by 119 percent to KD 6.6 million, United Gulf Bank was up by 86 percent to KD 3.4 million and Wataniya Telecom by 68 percent to KD 11 million. In the full year 2003, KIPCO's net profit soared 182 percent to KD 18.2 million. — (menareport.com)
© 2004 Mena Report (www.menareport.com )