KUWAIT CITY, Nov 1: KIPCO - the Kuwait Projects Company - today announced net profit of KD 23.6 million ($ 85.7 million), or 20.02 fils ($ 7.27 cents) per share, for the first nine months of 2011 compared to KD 30.7 million ($ 107.9 million) or 26.08 fils ($ 9.17 cents) per share, for the same period last year.
KIPCO’s third quarter profit (for the three months ended September 30, 2011) decreased 73 per cent to KD 7.1 million ($ 25.8 million) compared to KD 26.5 million ($ 93.2 million) for the same period in 2010.
KIPCO’s total revenues for the first nine months of 2011 decreased 9 per cent to KD 265 million ($ 962 million) compared to KD 290 million ($ 1.1 billion) for the same period in 2010.
The company’s operating profit increased by 0.2 per cent to KD 59.1 million ($ 215 million) compared to the KD 59 million ($ 207 million) reported for the first nine months of 2010.
During the third quarter, KIPCO’s total consolidated assets decreased 3 per cent to KD 5.49 billion ($ 19.9 billion) from KD 5.66 billion ($ 19.9 billion) and shareholders’ equity decreased 3.5 per cent to KD 540.4 million ($ 1.96 billion) from KD 560 million ($ 2 billion), for the year-end 2010.

KIPCO’s Group Chief Operating Officer Samer Khanachet said the company’s third quarter results followed the trends seen in previous quarters:
“Our third quarter results show that our operating companies are continuing their growth trends and make progress within their markets. For example, we are very pleased to see yet another quarter of growth from our regional banking operations and positive performances from our insurance, media and real estate companies. We think the fundamental strengths of the MENA region - positive demographics, abundant natural resources and under-developed markets - provide ample growth opportunities for our companies. As a result, we remain optimistic that our Group will maintain its growth pattern into next year and beyond.”
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 Sept 30, 2011. The Group has significant ownership interests in a portfolio of over 70 companies operating across 26 countries. Its main sector focus is financial services, insurance and media. Through its core companies, subsidiaries and affiliates, KIPCO has interests in the real estate, industrial, education and management advisory sectors.