(MENAFN- Kuwait News Agency (KUNA)) The Kuwait Projects Company (KIPCO) announced a net profit of about KD 12 million (USD 40 million) in the first quarter of 2015, compared with about KD 10.3 million (USD 34.3 million) in the same period of 2014.
The profit rose by 17 percent compared with the same period of 2014, KIPCO said in a press statement Saturday.
The profit of each share rose by 24 percent, reaching about 8.84 fils (2.9 cents) compared with 7.14 fils (2.4 cents) in the same period of 2014, it added.
KIPCO's pre-provision operating profits increased by 9 percent in the first quarter of 2015, recording about KD 37 million (USD 123 million) compared with about KD 34 million (USD 113 million) in the same period of 2014, it noted.
Overall assets mounted to KD 9.4 billion (USD 31.3 billion) in the first three months of 2015 compared with KD 9.3 billion (USD 30.9 billion) by the end of 2014, it made clear.
For his part, KIPCO's CEO for Banking Masaud Hayat said that the results of the first quarter of 2015 reflect strong continuous performance in line with the basic objectives of the company that were determined in the transparency forum held last March.
"As we announced during the forum, the results of Q1 of 2015 go in harmony with our objectives aiming to double the size of profits achieved in 2014 by 2018 driven by a growth in operational profits of our main companies," he added.
The trends of the growth in operational revenues and profits in "our main operational sectors during the first quarter of 2015 are an indicator of positive performance that we expect in 2015", he made clear.
KIPCO's operations extend across the Middle East and North African MENA region, from the Atlantic Ocean to the Arabian Sea.
With holdings in sectors such as financial services, media, manufacturing and real estate, KIPCO Group comprises over 60 companies and employs over 12,000 people in 24 countries. Founded in 1975, KIPCO has since become one of the MENA region's most successful companies. (end) asg.tab.hm
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