Kipco posts record profits

17 February 2008
Kuwait Projects Company (Kipco) has reported a net profit of $1.9bn in 2007, its highest ever earnings and the most for a Kuwaiti listed company.

Kipco profit was up 942 per cent on the previous year, driven by the sale of its stake in mobile operator Wataniya Telecom to Qatar Telecom for $4bn.

The board is recommending a 90 per cent dividend, the equivalent of 90 fils ($0.39), up from 50 per cent in 2006.

It is also recommending a 10 per cent bonus share issue.

Kipco’s consolidated assets tripled to $15.4 bn in 2007.

The market value of Kipco investments in listed subsidiaries now stands at $2.9bn.

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