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.

 


MENAFN Press




  MENA News Headlines
 Aug 2 2015 - Mine Blast Kills One Soldier, Injures Four in Northeast TurkeyQatar News Agency
(MENAFN - QNA) A Turkish soldier were killed and four others were injured in a mine blast in the Turkish northeast province of Kars, security sources said. Turkey's Anadolu Agency reported that ...

 Aug 2 2015 - Turkish Prime Minister Meets HE Qatar's Minister of State for DefenseQatar News Agency
(MENAFN - QNA) Turkish Prime Minister Ahmet Davutoglu met Sunday with HE Qatar's Minister of State for Defense Affairs Major-General Hamad bin Ali Al Attiyah and his accompanying delegation on the ...

 Aug 2 2015 - HE Prime Minister Meets US Assistant Secretary of StateQatar News Agency
(MENAFN - QNA) HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met Sunday with US Assistant Secretary of State for Near Eastern Affairs Anne Patterson and ...

 Aug 2 2015 - Dubai property giant Emaar's profit up 12% in first halfAFP
(MENAFN - AFP) Dubai-based developer Emaar Properties on Sunday reported a 12 percent rise in net profits for the first six months of 2015 due to high revenues from its shopping malls and ...

 Aug 2 2015 - 'Egyptian Industrial Product Preference' regulation will decrease foreign product imports: FEI board memberDaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Industry and Foreign Trade announced it has finalised an executive regulation of Law 5/2015 to create a preference for Egyptian industrial products in ...

 Aug 2 2015 - Egypt's economy grows 4.7% in first 9 months of FY 2014/2015Daily News Egypt
(MENAFN - Daily News Egypt) Egypt's economic growth rate in the first nine months of fiscal year (FY) 2014/2015 grew by 4.7%, Minister of Planning Ashraf El-Araby said in a Saturday press ...

 Aug 2 2015 - Barclays says its activities in Africa strengthenedDaily News Egypt
(MENAFN - Daily News Egypt) Barclays has increased its contribution to the African market and strengthened its business in South Africa, the bank said in a recently published report.It is working to ...

 Aug 2 2015 - Al-Azhar Grand Imam sends condolences to bin Laden familyDaily News Egypt
(MENAFN - Daily News Egypt) Egypt's top religious institute Al-Azhar sent its condolences to the Saudi bin Laden family, after a plane crash in the UK left three members of the family dead.Al-Azhar's ...

 Aug 2 2015 - Egypt- Al Jazeera re-trial further postponed to 29 AugustDaily News Egypt
(MENAFN - Daily News Egypt) The retrial of Al Jazeera journalists Mohamed Fahmy, Peter Greste and Baher Mohamed has been postponed for the second time, with the verdict now expected on 29 August.The ...

 Aug 2 2015 - Strategic dialogue follows Egypt's strategy to decentralise source of weapons: ResearcherDaily News Egypt
(MENAFN - Daily News Egypt) Egypt's Foreign Minister Sameh Shoukry met with his US counterpart John Kerry in Cairo on Sunday for the strategic dialogue between both countries, the first meeting of ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

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

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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