KIPCO posts KD 5.07m net profit for Q1 2017 – Operational strength will help us face external challenges: Hayat

This news has been read 6857 times!

Masaud Hayat, KIPCO’s CEO — Banking

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.”

 

This news has been read 6857 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights