KUWAIT: KIPCO the Kuwait Projects Company has announced a net profit of KD 46.1 million ($157.4 million), or 33 fils ($11.3 cents) per share for the year ended 31 December, 2014 – an increase of 15 per cent on the KD 40.1 million ($137 million), or 27.92 fils ($9.5 cents) per share, reported in 2013. KIPCO’s Board of Directors is recommending a cash dividend of 25 per cent (25 fils per share), subject to approval by the company’s general assembly and regulatory authorities. KIPCO’s operating profit in 2014 rose to KD 166 million ($567 million), an increase of 26 per cent compared to KD 132 million ($451 million) in 2013.
KIPCO’s total revenues from continuing operations in 2014 increased 16 per cent to KD 598 million ($2billion) compared to the KD 514 million ($1.76 billion) reported in 2013. KIPCO’s consolidated assets increased in 2014 to KD 9.3 billion ($32 billion) from KD 8.6 billion ($29.4 billion) in 2013. KIPCO’s fourth quarter profit (for the three months ended December 31, 2014) came to KD 14.3 million ($49 million), an increase of 2 per cent on the KD 14 million ($48 million) profit achieved in the same period of 2013. Faisal Al-Ayyar, KIPCO’s Vice Chairman, attributed the company’s 2014 results to the strong performance of Group companies in the core business sectors: “In our Shafafiyah Investor’s Forum in 2013, we promised our shareholders that we will deliver double digit growth.
We delivered on our promise that year and have continued the trend in 2014. Our track record in delivering strong results means that 2014 is KIPCO’s twenty-third consecutive year of profitability. Throughout the year, our core sectors – which include banking, media, real estate and insurance – have posted significant performance growth trends. In the banking sector, Burgan Bank continued to achieve strong profitability. Also, our broadcast company, OSN, remains on the course of revenue increase, while enhancing overall customer experience with the launch of a number of strategic initiatives and advanced technology. We will continue to adhere to transparency, and work to achieve greater growth for KIPCO in the coming years.”
