(MENAFN - Kuwait News Agency (KUNA)) Kuwait Projects Company (KIPCO) announced on Monday net profits of KD 23.7 million (USD 84.3 million), or 18.27 fils (6.5 cents) per share for the first nine months of 2012.
The figures show an increase of 0.4 percent on the KD 23.6 million (USD 85.
7 million) profit, or 19.02 fils (6.9 cents) per share, reported in the same period last year, according to a press release by the company. KIPCO's third quarter profit (for the three months ended September 30, 2012) of KD 6.6 million (USD 23.5 million) was a decrease of 7 per cent on the KD 7.1 million (USD 25.8 million) profit achieved in the third quarter of 2011.
KIPCO's total revenues for the first nine months of 2012 increased by 22 per cent to KD 323 million (USD 1.15 billion) compared to the KD 265 million (USD 962 million) reported for the first nine months of last year.
The company also saw a rise in operating profit to KD 66 million (USD 235 million) for the first nine months of 2012 - an increase of 12 per cent from the KD 59.1 million (USD 215 million) reported in the first nine months of 2011.
KIPCO's consolidated assets increased in the first nine months of 2012, to KD 6.4 billion (USD 23 billion) from KD 5.9 billion (USD 21.2 billion) for the 2011 year-end. Tariq Abdulsalam, KIPCO's Chief Executive Officer - Investment, said KIPCO's third quarter results were consistent with the company's expectations.
"As expected, the underlying trends within our first quarter and half year results have continued into the third quarter, with our financial services, media and real estate companies showing consistent levels of growth in both revenue and profitability," he noted. "Although our profits show only a slight year-on-year increase, our companies are demonstrating a high degree of resilience to difficult market conditions. "If these trends continue until year-end, then we can expect to meet the financial targets we set for this year," he added.
With an investment portfolio in 60 companies in 26 countries in the Middle East and North Africa (MENA) region, KIPCO earned a reputation for quality and excellence as a premier investment holding company.