Kuwait- KCIC Q1 net profit 'jumps' 157 pct to KD 4.75 million 

(MENAFN - Arab Times) Kuwait China Investment Company (KCIC) announced on Saturday its net profits skyrocketed by 157 percent to KD 4.75 million in the first quarter of 2012 compared to the corresponding period last year.

The profits per share amounted to 93.5 percent in the three months ending on March 31, 2012, according to a press release issued by the Kuwait-based company.

The value of the company's assets went up by 6.15 percent by the end of 2011 which contributed to the growth of the value of invested capital by 5.62 percent in Q1-2012, it said.

The total value of the Q1 revenues amounted to KD 5.80 million which reflects an increase by 124 percent over the KD 2.59 million revenues made in Q1-2011.

The profits of the financial assets doubled in this period from the figure of Q1-2011.

KCIC's investments in other companies started to contribute positively in the company's revenues, accounting for KD 0.64 million, the statement noted.

The total net value of assets topped KD 87.15 million, growing up by 6.15 percent from the end of 2011.

Commenting on the excellent financial results, KCIC's Managing Director Ahmad Abdullatif Al-Hamad said his company was able to reduce its losses in 2011 by a half thanks to the new strategy. "Our strategy is based on the principle of purchase and protection of assets in order to ensure high returns in the long run," the statement quoted Al-Hamad as saying.

Founded on Dec 12, 2005, KCIC invests and offers investment services primarily in the Middle Eastern and Asian markets; its products and services include Private Equity - which provides access to long-term capital, and advisory support and a network of contacts to Asian investment companies.