Kuwait Projects Company (KIPCO) has announced a net profit of KD 21.7 million (USD 77 million) in the first six months of 2014, an increase of 20 per cent on the KD 18.1 million (USD 63.4 million) profit reported for the same period last year.
In the second quarter (the three months ended 30 June, 2014) KIPCO made a net profit of KD 11.4 million (USD 40.5 million), an increase of 20 per cent on the KD 9.5 million (USD 33.3 million) profit reported in the same period of 2013, a company statement said.
KIPCO's earnings per share in the first half of 2014 increased 21 per cent to 15.27 fils (USD 5.4 cents) compared to 12.66 fils (USD 4.4 cents) in the same period last year.
KIPCO's total revenue for the first six months of 2014 increased by 18 per cent to KD 289 million (USD 1.03 billion) compared to the KD 244 million (USD 855 million) for the first half of 2013.
The company also saw a 22 per cent rise in operating profit before provisions for the first half of 2014 to KD 78 million (USD 277 million) from the KD 64 million (USD 224 million) reported in the first half of 2013, it said.