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KIPCO records $142.2 mln net profit in 2013, up 27% BoD recommends 20 pct cash dividend

KUWAIT CITY, Feb 18: KIPCO — the Kuwait Projects Company — has announced a net profit of KD 40.1 million ($142.2 million), or 29.31 fils ($10.4 cents) per share for the year ended Dec 31, 2013 — an increase of 27 per cent on the KD 31.6 million ($112.4 million), or 23.28 fils ($8.3 cents) per share, reported in 2012. KIPCO’s Board of Directors is recommending a cash dividend of 20 per cent (20 fils per share) and a 5 per cent stock dividend, subject to approval by the company’s General Assembly and regulatory authorities. KIPCO’s fourth quarter profit (for the three months ended Dec 31, 2013) came to KD 14 million ($50 million), an increase of 75 per cent on the KD 8 million ($28.4 million) profit achieved in the same period of 2012.

KIPCO’s total revenues from continuing operations in 2013 increased 28 per cent to KD 513 million ($1.8 billion) compared to the KD 402 million ($1.4 billion) reported in 2012. KIPCO’s consolidated assets increased in 2013 to KD 8.6 billion ($30.5 billion) from KD 7.2 billion ($25.6 billion) in 2012. Mr Faisal Al Ayyar, KIPCO’s Vice Chairman, said the company’s 2013 results reflect solid performance across all of the company’s core sectors:

 “We achieved the double digit growth we promised our shareholders at last year’s Shafafiyah Investor’s Forum thanks to the solid performance of our companies throughout the year. The 2013 results mark KIPCO’s twenty-second consecutive year of profitability. The very positive performance trends in all our core sectors — including banking, media, real estate and insurance — were evident in the growth and profitability of our companies during 2013. In particular, our broadcast company, OSN, continued to deliver strong improvement in revenue and profit, and subscriber numbers are now close to the one million mark. We believe that all signs point to an economic recovery that will allow KIPCO to continue its growth trend in the coming years.”

The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of $30.5 billion as at Dec 31, 2013. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.

 

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