Kuwait – Mubasher: Kuwait Projects Holding’s (KIPCO) profits increased 1.8% to KWD 12 million ($39.52 million) in the first quarter of 2016 from KWD 11.79 million ($38.53 million) in the year-ago period.
The company’s profits grew 8.3% to KWD 40 million in the nine-month period of 2016, compared to KWD 36.93 million in the prior-year period.
The results of the first nine months of 2016 reflect the company’s capability to cope the global economic circumstances and challenges, deputy board chairman of KIPCO, Tareq Abdel Salam, said.
He added that the results came in-line with the expectations, despite the local and regional economic situation.
KIPCO attributed the rise in its nine-month period results to higher revenues and operating profits of the parent companies of the group.
The share’s profitability rose 11% to 24.62 fils per share in the first nine months of 2016, compared to 22.11 fils per share in the same period of 2016.
