Kuwait Projects Company increases net profit by 27 per cent in 2013

KUWAIT CITY — Kuwait Projects Co., the Gulf state’s biggest private holding firm, increased net profit by 27 per cent last year on the back of solid performance. Net profit reached 40.1 million dinars ($142.2 million/103.8 million euros), compared with 31.6 million dinars in 2012, the company indicated. Vice Chairman Faisal Al Ayyar said “the very positive performance trends in all our core sectors — including banking, media, real estate and insurance — were evident in the growth and profitability of our companies”. Fourth quarter profit soared 75 per cent to $50 million from $28.4 million a year earlier. Total revenues in 2013 increased 28 per cent to $1.8 billion from $1.4 billion, while consolidated assets at year-end rose to $30.5 billion from $25.6 billion. KIPCO, one of the largest holding firms in the Middle East and North Africa, has significant ownership interests in a portfolio of more than 60 companies operating across 24 countries. It also has interests in the educational and management advisory sectors.