Leading holding company Kuwait Projects Company Holding (KIPCO) has posted a net profit of KD26.1m ($92.3m) for the first nine months of this year, it was reported.
The company, which has a portfolio comprising 60 companies, including takes in Gulf Bank, Burgan Bank and Gulf Insurance Company, said profits increased 21.2 percent to KD8m ($28.32m) over the same period.
Total income climbed 22 percent, reaching KD458m ($1.62bn), it said in a statement published by state news agency, KUNA.
The group’s assets are estimated at more than $29bn.
Masoud Hayat, CEO for banking at KIPCO, said the Q3 results continued the company’s results of positive records since the start of 2003, noting that the earnings were due to feasible operations in the financial, information and real estate sectors.
He said returns for the group’s operating companies in the financial services sector rose 32 percent, in addition to an increase of 24 percent in information-related companies.
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