Mubasher: Kuwait Projects Holding’s (KIPCO) is expected to generate a net profit of $100 million this year, the company’s group financial control said.
In the first quarter of 2019, KIPCO received $62 million of the expected amount, representing 60% of the target, Anuj Rohtagi added.
Rohtagi further noted that around 12% of the projected value will be achieved in Q2-19 and over the remaining period of the year.
KIPCO stated that its subsidiary United Gulf Holding Company achieved a 37% increase in revenues, reaching $62.2 million in Q1-19.
The company’s profits levelled up 15% to KWD 6.5 million by the end of Q1-19 from KWD 5.6 million in Q1-18.
In 2018, KIPCO’s profits grew 20% to KWD 28.28 million, compared to KWD 23.57 million a year earlier.