Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

KIPCO announces KD 40.1 million(US$ 142.2 million)net profit for 2013  Join our daily free Newsletter

MENAFN Press - 19/02/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN Press) KIPCO - the Kuwait Projects Company - has announced a net profit of KD 40.1 million (US 142.2 million), or 29.31 fils (US 10.4 cents) per share for the year ended 31 December, 2013 - an increase of 27 per cent on the KD 31.6 million (US 112.4 million), or 23.28 fils (US 8.3 cents) per share, reported in 2012

KIPCO's Board of Directors is recommending a cash dividend of 20 per cent (20 fils per share) and a 5 per cent stock dividend, subject to approval by the company's General Assembly and regulatory authorities

KIPCO's fourth quarter profit (for the three months ended December 31, 2013) came to KD 14 million (US 50 million), an increase of 75 per cent on the KD 8 million (US 28.4 million) profit achieved in the same period of 2012

KIPCO's total revenues from continuing operations in 2013 increased 28 per cent to KD 513 million (US 1.8 billion) compared to the KD 402 million (US 1.4 billion) reported in 2012

KIPCO's consolidated assets increased in 2013 to KD 8.6 billion (US 30.5 billion) from KD 7.2 billion (US 25.6 billion) in 2012.

Mr Faisal Al Ayyar, KIPCO's Vice Chairman, said the company's 2013 results reflect solid performance across all of the company's core sectors

"We achieved the double digit growth we promised our shareholders at last year's Shafafiyah Investor's Forum thanks to the solid performance of our companies throughout the year. The 2013 results mark KIPCO's twenty-second consecutive year of profitability. The very positive performance trends in all our core sectors “ including banking, media, real estate and insurance“ were evident in the growth and profitability of our companies during 2013. In particular, our broadcast company, OSN, continued to deliver strong improvement in revenue and profit, and subscriber numbers are now close to the one million mark. We believe that all signs point to an economic recovery that will allow KIPCO to continue its growth trend in the coming years.

About The KIPCO Group
The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US 30.5 billion as at 31 December, 2013. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group's main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.



  MENA News Headlines
 Oct 4 2015 - UAE says to invest $35 bln in clean energy by 2021AFP
(MENAFN - AFP) The gas-rich United Arab Emirates will invest $35 billion in clean energy by 2021 as it seeks to reduce its dependence on fossil fuels following crude's global price slide, it said ...

 Oct 4 2015 - Qatar's Central Bank governor cuts hopes of rate hikeMENAFN
(MENAFN) Qatar's central bank governor sought to cut expectations for rising interest rates after a jump in local bill yields suggested liquidity in the Qatari banking system was beginning to ...

 Oct 4 2015 - Jordan- UAE delegation visits the Mrajeeb Al Fhood campJordan News Agency
(MENAFN - Jordan News Agency) A delegation from the UAE Ministry of Development and International Cooperation visited on Friday the Mrajeeb Al Fhood camp for Syrian refugees to check on services ...

 Oct 4 2015 - Russian airstrikes in Syria will strengthen Daesh, ObamaJordan News Agency
(MENAFN - Jordan News Agency) US President Barack Obama said on Friday that Russia's airstrikes in Syrian that started last Wednesday, will ultimately empower Daesh terrorist group.Speaking from the ...

 Oct 4 2015 - Jordan- Border guards receive 209 new Syrian refugeesJordan News Agency
(MENAFN - Jordan News Agency) A total of 209 Syrian refugees from various age groups, entered the Kingdom through various crossing points during the last 72 hours, according to a military source on ...

 Oct 4 2015 - Israeli forces kill Palestinian young man in JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces Sunday morning shot dead a Palestinian teen near Damascus Gate in occupied Jerusalem.Eyewitnesses said that Israeli forces opened fired on 19 ...

 Oct 4 2015 - Israel prevents Palestinians from entering JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation police on Sunday banned Palestinians from entering the old city in East Jerusalem for two days, after two attacks against Israelis occurred in less ...

 Oct 4 2015 - First Gulf offers start-up financeThe Arabian Post
(MENAFN - The Arabian Post) FGB claims to be the first bank in the UAE to offer a one-stop financing solution to start-ups. The bank's new 'Startup Proposition' offers new businesses a range of ...

 Oct 4 2015 - Dubai Holding net up 24% to AED2.6bThe Arabian Post
(MENAFN - The Arabian Post) Dubai Holding Commercial Operations Group (DHCOG) announced a net profit of AED 2.6 billion for the first half of this year ending 30th June 2015, an increase of 24 ...

 Oct 4 2015 - Qatar to improve rank in Competitiveness Index-QBAThe Peninsula
(MENAFN - The Peninsula) Sheikh Faisal bin Qassim Al Thani, the Chairman of the Qatari Businessmen Association (QBA) in press conference said that Qatar's economy is moving in the right direction and ...






Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help