KUWAIT CITY, May 3: KIPCO — the Kuwait Projects Company (Holding) has announced a net profit of KD 5.07 million ($ 16.6 million), or 1.11 fils per share ($ 0.4 cents), for the first three months of 2017, compared to KD 13.5 million ($ 44.3 million), or 7.45 fils per share ($ 2.4 cents), reported for the same period last year.
KIPCO’s consolidated assets remained at the KD 10 billion ($ 33 billion) reported at year-end 2016.
Masaud Hayat, KIPCO’s Chief Executive Officer — Banking, said that the company was faring well given the challenging external circumstances: “At our recent Shafafiyah Investors’ Forum, we stated that 2017 would be difficult. Thanks to years of internal streamlining and prudent risk management, our core businesses have been able to face continuing external challenges such as the global economic slowdown, regional tensions and currency fluctuations. We will continue to build our internal capabilities, and we remain confident that our core operations will grow stronger despite these conditions.”