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Wed 7 May 2014 03:12 PM

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Kuwait's KIPCO posts 20% rise in Q1 net profit

Kuwait's largest listed investment company says it expects double-digit growth to continue during 2014

Kuwait's KIPCO posts 20% rise in Q1 net profit

Kuwait Projects Co (KIPCO), the Gulf state's largest listed investment company, reported a 20 percent rise in first-quarter profit on Wednesday.

KIPCO made a profit of KD10.3 million ($36.70 million) in the three months to March 31, up from KD8.6 million in the year-earlier period, the company said in a statement.

KIPCO's first-quarter revenue rose 19 percent to KD137 million.

"Our first-quarter results reflect the continued double-digit profit growth that we expect from the company's core businesses in 2014," Tariq AbdulSalam, KIPCO's CEO for Investments, said in the statement.

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