Investment firm Kuwait Projects Co (KIPCO) swung to a profit in the fourth quarter despite challenges in the global economy, the company said in a statement on Wednesday.
Net profit in the three months to December 31 came in at KD14m ($50.09m) , compared to a loss of KD6m in the year-earlier period.
Full-year net profit came in at KD45m, a 22 percent rise from the previous year. Total revenue climbed to KD408m from KD399m a year earlier.
“The outlook for 2011 remains unclear, with a mixed mood of global uncertainty and regional optimisim,” said Tariq Abdulsalam, the company’s chief executive officer.
Abdulsalam added that the global economy appeared healthier than a year ago, making the company more hopeful that it would see signs of a turnaround for its core businesses.
KIPCO added that it ended the year with KD285m in liquidity and low leverage.
The board recommended a cash dividend of 20 fils per share, as well as a 5 percent stock dividend for 2010. ($1=KD0.2795)
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