Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- KIPCO registers KD 40.1 million profit in '13, revenues rise 28%  Join our daily free Newsletter

MENAFN - Arab Times - 01/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Kuwait Projects Company (KIPCO) registered a profit of KD 40.1 million in 2013 seeing a 28% increase in total revenues from continuing operations, touching KD 513 million. This was announced at KIPCO's annual Shafafiya Forum held Monday. The company's consolidated assets increased to KD 8.6 billion from KD 7.2 billion in 2012. The General Assembly approved to pay shareholders a cash dividend of 20 fils per share and 5 % stock dividend



Negative

KIPCO's Vice Chairman, Faisal Hamad Al Ayyar, said the only time the company registered a negative growth was during invasion. This was the 22md consecutive year of profitability. Outlining the company's highpoints in 2013, Faisal Al Ayyar said KIPCO has given investors the best returns with an increase of up to 72 %, which is 2.5 times better than Kuwait Stock Exchange. In 2013, KIPCO's aim was to increase revenues, and achieved a profit of KD 40 million from KD 33 million in 2012. Nearly all the KIPCO Group companies showed double digit growth last year, and exceeded expectations. Burgan Bank grew 33 %, OSN 29%, Gulf Insurance Company 13%, and United Real Estate Company 8%



Burgan Bank topped its sector in terms of revenues, and was also leading in the growth of loans in the market, Al Ayyar noted. "The bank has 224 branches in Kuwait, which is way more than other banks. Burgan Bank's revenues come from 6 countries, and it is one of the most diversified companies in Kuwait. About 65 % of the bank's revenues come from outside of Kuwait." The bank's operating profits before provisions increased by 18%, and recorded an annualized growth of 17% in loans and advances, and 19% growth in customer deposits. Jointly with UGB, Burgan Bank acquired a stage of 49% in FIMBank, Malta. S&P revised Burgan Bank's outlook from negative to stable



Talking about the bank's future prospects, Al Ayyar said according to conservative estimates Burgan Bank is set to increase its assets by 10% between 2013 and 2016, and the operating profits are headed for a 15% increase. Another of KIPCO Group companies that showed great performance last year was OSN. "It had the fastest growth both in subscriptions and profits. The subscriber base increased 35% while sscription revenues shot up 32%. It has no local comparison and is present in 28 countries. Kuwait alone has over 70,000 subscribers." Al Ayyar said he is expecting to see double digit growth in revenues for the next 3 years for OSN, adding 1 million




Gulf Insurance Group maintained market leadership in Kuwait, Bahrain and Jordan out of the nine that it's present in. The group has been winning an A-rating from S&P and AM for two straight years. The group was awarded the Best Insurance Provider in the Middle East award by Global Banking. Gulf Insurance Group registered a net profit of 10% to KD 10.2 million, and increased gross written premium by 8% to KD 157 million. The company's consolidated assets surged 7.4 %. The future focus of the group would be to continue the growth graph, with an acquisition of 49 % stakes in Algeria Insurance due soon. In the next five years, the group is targeting a double premium growth of 1 billion. United Real Estate Company has never been in the red, Al Ayyar noted. "It is one of the largest realty companies in the region. The company achieved a net profit of KD 11.2 million, increasing operational profits by 94%.



The company disposed off non-earning assets in Kuwait and Qatar last year, and issued KD 60 million bond. The five year bond was over-subscribed by almost 50% and was rated BBB- with a positive outlook by Capital Intelligence. The majority of the bond proceeds were used to extend URC's debt profile. The company is eyeing a profit of 35 million when its 500 million project winds up. United Industries Company deleveraged KD 23.2 million in the past 12 months and achieved a 38% growth in market capital expansion. UIC increased its stake in Qurain Petrochemicals by an additional 10.8%, bringing its take in the company to 29.3%. On the subject of the KIPCO's investment in the educational sector, Al Ayyar said there are more than 12,000 students studying in the company's various educational institutions in Kuwait. He was excited about a new school that opened recently, providing high standards in all aspects. The school has kindergarten classes currently and will soon expand to include classes till plus 2. The expected growth of student strength is 10 to 15 % every year

 


Arab Times




  MENA News Headlines
 Jul 23 2016 - Scottsdale, Arizonas AC by J is Part of Daikin Industries Expansion into N. American AC MarketMENAFN Press
(MENAFN Press) google_ad_client = "pub-7060895361757846"; /* MPR 200x200, created 7/14/10 */ google_ad_slot = "9848691929"; google_ad_width = 200; google_ad_height = 200; Scottsdale, Arizona, ...

 Jul 23 2016 - Morocco's inflation rate grows to 2.3 percentMENAFN
(MENAFN) Morocco's annaul consumer inflation increased to 2.3 percent in June from 1.9 percent in May, due to higher food prices.On the other hand, annual food inflation jumped to 4.4 percent from ...

 Jul 23 2016 - Saudi's Modon signs 6.000 deals at USD160bnMENAFN
(MENAFN) The Saudi Industrial Property Authority (MODON) signed more than 6,000 industrial, logistic and services deals for investments that surpasses USD160bn.Additionally, factories in the ...

 Jul 23 2016 - Qatar's exports from Brazil touch USD122.15mnMENAFN
(MENAFN) Brazil's exports to Qatar for the first half of this year reached USD122.15mn, accounting for 2.33 percent.Moreover, meat, sugar, cereals, ores, slag and other miscellaneous grain seeds and ...

 Jul 23 2016 - Rakhi.primogiftsindia.com Offering Heart Winning Selections for Online Rakhi &'Rakhi Gifts!MENAFN Press
(MENAFN Press) Rakhi.primogiftsindia.com is a name reckoned widely for its extensive range of trendy and attractive Rakhis and heart winning Rakhi gifts. In fact, it is one of the reliable online ...

 Jul 22 2016 - Global Water-Soluble Fertilizers Market Has Been Forecasted to Reach USD 15.30 Billion by 2020MENAFN Press
(MENAFN Press) The global water-soluble fertilizers market has been forecasted to reach a value of USD 15.30 billion by 2020 at a CAGR of 5.6%. The market is primarily driven by the increasing ...

 Jul 22 2016 - Established Cardiothoracic Surgeon, Khaled Abdelhady, MD, FRCS, FACS, will be Recognized in Latest Edition of The Leading Physicians of the WorldMENAFN Press
(MENAFN Press) Chicago, Illinois The International Association of HealthCare Professionals is pleased to welcome Khaled Abdelhady, MD, FRCS, FACS, Cardiothoracic Surgeon, to their prestigious ...

 Jul 22 2016 - Elite Radiologist, Charif Abdul Rahman Sidani, MD, to be Spotlighted in The Leading Physicians of the WorldMENAFN Press
(MENAFN Press) Miami, Florida The International Association of HealthCare Professionals is pleased to welcome Charif Abdul Rahman Sidani, MD, Radiologist, to their prestigious organization with ...

 Jul 22 2016 - Advanced Driver Assistance Systems (ADAS) Market to Reach $89.09 billion with 21.7% CAGR Forecast to 2022MENAFN Press
(MENAFN Press) Advanced Driver Assistance Systems (ADAS) Market to Reach $89.09 billion with 21.7% CAGR Forecast to 2022 Global Advanced Driver Assistance Systems (ADAS) Market 2015 Analysis and ...

 Jul 22 2016 - Organic Silicon 2016 World Market Opportunities and Forecasts to 2021MENAFN Press
(MENAFN Press) Organic Silicon 2016 World Market Opportunities and Forecasts to 2021 Global and Chinese Organic Silicon Industry, 2016 Market Research Report PUNE, INDIA, July 22, 2016 ...

more...


 





Google

 
 

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