KUWAIT CITY, May 1: KIPCO - the Kuwait Projects Company — has announced a net profit of KD 8.1 million ($ 29.2 million), or 6.84 fils ($ 2.47 cents) for the first three months of 2011 — an increase of 300 percent compared to the KD 2 million ($6.93 million) profit or 1.73 fils ($0.60 cents) per share, reported for the same period last year.

KIPCO’s total revenues for the first three months of 2011 increased by 18 percent to KD 93.2 million ($336.2 million) from KD 78.8 million ($273 million) in the first quarter of 2010.

The company also reported a rise in operating profit to KD 18.2 million ($65.6 million) for the first quarter of 2011 - an increase of 22 percent from the KD 14.9 million ($51.6 million) in the first quarter of 2010.
KIPCO’s consolidated assets decreased in the first quarter of 2011, to KD 5.52 billion ($19.9 billion) from KD 5.66 billion ($20.2 billion) for the year end 2010.

Masaud Hayat, KIPCO’s CEO Banking, said KIPCO’s first quarter results were in line with the expectations voiced by the company at its recent Investor’s Forum:

“At our Shafafiyah Investor’s Forum in March, we highlighted some of the growth trends emerging from our core operating companies. These trends are now beginning to have a very positive effect on our results. If global, regional and local markets maintain their recovery from the financial crisis, we can expect to see further growth in our results.”

“Profitability from most of our operating companies has improved over the year and this growth is in line with our expectations. We are confident that this growth curve will continue.”

The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with consolidated assets of $19.9 billion as at March 31, 2011. The Group has significant ownership interests in a portfolio of over 60 companies operating across 26 countries. Its main sector focus is financial services, insurance and media. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the real estate, industrial, education and management advisory sectors.