Mubasher: Kuwait Projects Holding (KIPCO) reported a 524% year-on-year profit hike in the fourth quarter of 2018.
KIPCO registered a profit of KWD 7.91 million ($26.06 million) in the three-month period ended 31 December 2018, from QAR 1.27 million ($4.18 million) in the year-ago period, the company said in a statement to Boursa Kuwait on Thursday.
For the full-year 2018, the Kuwaiti firm’s profits grew 20% to KWD 28.28 million, against KWD 23.57 million in the prior year on the back of higher profits of the financial services sector.
KIPCO’s total operating revenues rose 13%, logging KWD 774.37 million last year, compared to KWD 685.79 million in 2017.
The company’s board of directors proposed a cash dividend distribution of 12% of the share’s nominal value, or 12 fils per share, with a total value of KWD 16.80 million.
During the first nine months of 2018, KIPCO posted a 1.9% profit drop to KWD 20.37 million, versus KWD 22.31 million in the corresponding period a year earlier.
KIPCO’s stock fell 1.90% to close at 214 fils on Thursday.
