Mubasher: Kuwait Projects Holding (KIPCO) achieved an increase of 11% in profits during the first quarter of 2018 compared to the same period in the previous year.
Earnings increased to KWD 5.64 million ($18.73 million) in Q1-18 from KWD 5.07 million ($16.84 million) in Q1-17, according to a bourse statement on Sunday.
The hike of first-quarter profits is attributed to higher revenues and income from the units working in the financial services segment, the Kuwait-based firm noted.
Operating revenues grew by 13% to KWD 170.95 million in Q1-18 from KWD 151.54 million in Q1-17, the statement added.
KIPCO’s consolidated assets decreased to KWD 9.8 billion in Q1-18 when compared to KWD 10.3 billion in Q1-17.
At the stock level, KIPCO closed Sunday’s session 0.82% higher at 245 fils.
