Projects company earns Kuwait dinar 26m

Kuwait Projects Company Holding KSCC (KIPCO) posted net earnings of KD 26.1 million (USD 92.3 million), at 19.13 fils per stock, in the first nine months of 2013, it said in a statement on Saturday. The company profits rose, in the 2013 Q3, 21 percent, reaching KD eight million, compared to approximately KD 6.6 million of the same period last year. Total income, in the year first nine months, climbed 22 percent, reaching KD 458 million, in contrast to KD 375 million in the corresponding period in 2010. Operational proceeds rose 25 percent to KD 86 million from KD 69 million the same period the previous year. Accumulated assets increased to KD 81.1 billion from KD 7.2 billion in the end of 2012. The company statement quoted Masoud Hayat, the Chief Executive Officer for Banking, as saying the company had posted profits in the year third quarter, maintaining positive records since start of 2003, noting that the earnings were due to feasible operations in the financial, information and real-estate sectors. Returns of the group operating companies in the financial services sector, in the first nine months, rose 32 percent, in addition to increase recorded by the others investing in information realm, 24 percent, Hayat stated. The groups assets are estimated at more than USD 29 billion. Its investment portfolio comprises some 60 companies, serving in 24 states. KIPCO group is a leading holding company in the Gulf, the Middle East and North Africa