Independent petroleum group earns Kuwaiti dinar 6m in 2013

Independent Petroleum Group achieved total profits of KD six million, of 42 fils per share, compared to KD 5.83 million of 40.3 fils per share in 2012.The company added in a statement on Kuwait Stock Exchange (KSE) website that its Board of Directors recommended of distributing cash profits at 30 percent out of the major value of the share, for the company's shareholders for this year. Total of the company's assets reached KD 342.9 million, while liabilities hit KD 260.9 million in December 2013, compared to liabilities that reached 295.4 million of the same period in 2012.Independent Petroleum Group was founded in 1976, and was officially listed in the KSE in 1995, with a paid up capital of KD 15,2 million.Independent Petroleum Group is a group of companies with worldwide operations in the trading and marketing of crude oil, petroleum products, petrochemicals and fertilizers. In addition to this core activity, IPG has interests in pipelines and shipping. IPG focuses its activities on special, high-return markets in the Red Sea, East Africa and the Indian Sub-Continent. The company became a Public Limited Company with effect from 10 December 1995 and its shares became listed on the Kuwait Stock Exchange.