Kuwait Projects Company (Kipco), one of the leading diversified holding companies in the Middle East and North Africa, announced net profits of KD12.11 million ($41.1 million), for the nine months to September 30, 2003, a rise of 77 per cent over the same period last year.

During the first three quarters of 2003, the market value of Kipco’s investments in core-listed subsidiaries and associated companies rose by KD90.08 million, an increase of 33.75 per cent.
Kipco, with assets of more than $10 billion under management or control, is a major regional force in financial services and media and technology, with further interests in real estate and industry.

Its companies include Wataniya Telecom, part of the consortium recently awarded the GSM licence for northern Iraq, and Kipco Asset Management Company (Kamco), which successfully listed on the Kuwait Stock Exchange recently following unprecedented demand for its shares in a hugely oversubscribed pre-listing private placement.

“These extremely positive results demonstrate the underlying strength of our Group,” said Kipco managing director and CE Faisal Al Ayyar.
The Kipco Group companies also include United Real Estate (URC); Burgan Bank; Gulf Insurance Company (GIC); United Industries Company (UIC) and its affiliate United Fisheries of Kuwait (UFK), which in turn has Saudi Dairy and Foodstuff Company (Sadafco) among its affiliates; United Gulf Bank of Bahrain (UGB); and Showtime.