Kuwait Projects Company (KIPCO) announced Tuesday net profits in the first nine months of 2014 were KD 31.82 million (USD 110.5 million), an increase of 22 percent over the same period last year.
In a statement, KIPCO's Chief Executive Officer for Investments Tareq Abdulsalam said KIPCO's net profit during the first nine months of 2014 came to KD 31.82 million (USD 110.5 million), or 22.63 fils (US 7.9 cents) per share, an increase of 22 percent on the KD 26.1 million (USD 92.3 million) profit, or 18.22 fils (US 6.4 cents) per share, reported for the same period last year.
Abdulsalam added the company made, during the last three months, KD 10.1 million (USD 35.1 million), or 7.36 fils (US 2.6 cents) per share, an increase of 26 percent on the KD eight million (USD 28.3 million) profit, or 5.56 fils (US two cents) per share, achieved during the same period of 2013.
The company's total revenue for the first nine months of 2014 increased by 19 percent to KD 438.3 million (USD 1.5 billion) compared to KD 369.5 million (USD 1.3 billion) reported for the first nine months of last year.
Operating profit before provisions rose to KD 122.2 million (USD 424 million) for the first nine months of 2014, an increase of 27 percent from KD 96.6 million (USD 342 million) reported for the same period in 2013.
Abdulsalam noted that the company is on track to achieve double digit growth in 2014. Indicators point towards healthy performance as anticipated earlier in the year.
"As we forecast during our "Shafafiyah Investors' Forum" in March, our third quarter results have maintained growth patterns in double digits across core businesses in 2014," Abdulsalam said.
"Revenue from our financial services and media segments has increased by 25 percent and 35 percent respectively over the last nine months, while revenue from real estate operations rose by 17 percent for the same period," said Abdulsalam.
"These results reflect the strength of our core companies. We believe this growth will continue throughout the remainder of the year," Abdulsalam added.