(MENAFN) The Kuwait Projects Company (KIPCO) posted USD 40 million net profit in the first quarter of the year, marking an increase by 17 percent year-on-year, Kuwait News Agency reported.
It might be useful to note that the profit of the corresponding period last year stood at USD 34.3 million, according to corporate a statement. Additionally, the profit-per-share increased by 24 percent.
As for the pre-provisional operating profits, they witnessed a 9 percent jump, reaching USD123 million compared to USD113 million year-on-year.
"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," KIPCO's CEO for Banking Masaud Hayat said.
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