Latest News
- Court Sentences Bank Employee To 5 Years For Embezzling 100,000...
- Fake ‘Sheikh’ Sentenced To 2-yr As Court Overturns Verdict
- Justice Ministry New Service On The Sahel App
- Ministry Probes 68 Cases Of Illegal Charity, Funds Collection
- Globally, Kuwait Is Among The Top Consumers Of Incense And Oud O...
- Decrease Seen In Foreign Investment
- Kuwait Customs Seized 2 Containers Laden With Tobacco At Shuwaik...
- Unpaid Salaries, Accountant Beaten Up By Workers
- The Sahel App Was Not Hacked, A Spokesman Claims
- Four Expats Arrested For Stealing Copper Cables Worth 60,000 Din...
- Indian National Died In Abdalli Car Accident
- Work Permits And Foreign Worker Transfers Are Amended By PAM
Kipco Announced Net Profit Of Kd 5.64 Million For The First Three Months Of 2018
KIPCO -the Kuwait Projects Company (Holding) — announced a net profit of KD 5.64 million ($18.8 million), or 1.53 fils per share ($0.51 cents), for the first three months of 2018, an increase of 11 percent over the KD 5.07 million ($16.9 million) reported in same period last year.
During the first quarter of 2018, the company’s operating profits before provisions reached KD 23.5 million ($78.4 million), compared to KD 23.6 million ($78.7 million) in the first quarter of last year. The company also reported a 13 percent rise in its total revenue from operations during the first quarter of 2018, at KD 171 million ($570.5 million) from KD 151.5 million ($505.4 million) reported for the same period in 2017. KIPCO’s consolidated assets stood at KD 9.8 billion ($32.7 billion) compared to KD 10.3 billion ($34.4 billion) reported at year-end 2017.
Tariq AbdulSalam, KIPCO’s Chief Executive Officer — Investment, said: “At our recent Shafafiyah Investors’ Forum, we projected that the challenging external elements that affected our companies’ performance in 2017 — such as competition and the weakened operating environment in the region — would continue to have an impact this year. Our positive performance this quarter reflects our sound business model and operations, and we believe that our diversified portfolio as well as years of prudent risk management and internal streamlining of operations will help us continue steadily through 2018.”
SOURCE : ARABTIMES
Trending News
-
Eid Al Fitr 2024: Crescent Moon Not Sighted In Sau...
08 April 2024
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
When Will Eid Al Fitr 2024 Take Place In Qatar, Ba...
08 April 2024
-
On Sunday, The Meteorological Department Warns Of...
07 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Winners Of Kuwait National Assembly 2024 Elections
06 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
Comments Post Comment