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Sun 1 May 2011 05:16 PM

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Kuwait’s KIPCO's sees Q1 profit surge 300%

Profit growth is in line with expectations, says senior exec at privately-held investment firm

Kuwait’s KIPCO's sees Q1 profit surge 300%
KIPCO’s vice chairman said in April the company expected profits to grow this year as the company seeks acquisition opportunities

Kuwait Projects Co, the country’s biggest privately owned
investment firm, saw net profit for the first quarter surge 300 percent to KD8.1m
($29.2m), the company said Sunday.

KIPCO’s revenues
for the three months to March 31 rose by 18 percent to KD93.2m, up from KD78.8m
in the same period a year earlier, an emailed statement said.

Net operating
profit rose 22 percent to KD18.2m.

"Profitability
from most of our operating companies has improved over the year and this growth
is in line with our expectations," said Masaud Kayat, CEO of KIPCO's banking
division. "We are confident that this growth curve will continue."

KIPCO’s vice
chairman said in April the company expected profits to grow this year as the
company seeks acquisition opportunities. The firm has stakes in more than 50
companies.

KIPCO, which has
total repayments in 2011 of about $634m, said it plans to repay all its debts
this year on time.