Kuwait Projects Company (Kipco) Holding, $15-billion enterprise with major activities in financial services, media and telecommunications and a variety of other business sectors across the Middle East and North Africa, has posted a 31 per cent surge in 2005 half-year net profit to KD 17.1 million ($58.6 million) compared with the corresponding period of 2004.

Earnings per share in the first six months of 2005 leapt 29 per cent to 16.82 fils (5.76 cents).
Half-year revenues jumped 34 per cent to KD47.6 million. Kipco’s continuing profitability is driven by consistently impressive financial performances by its diverse portfolio of associated companies.
“These half-year results clearly demonstrate that the powerful engine of Kipco Group, fuelled by excellent contributions from our associates, continues to propel our growth momentum,” said managing director and CEO Faisal Al Ayyar.
Kipco has substantial ownership interests in a portfolio of some 55 companies operating throughout the region and internationally in its two major business sectors of financial services and media & telecommunications, as well as real estate, industry, management & advisory, medical services and aviation. Its shares are among the most actively traded on the Kuwait Stock Exchange.
The company’s core operating companies are investment banking subsidiary United Gulf Bank (UGB); Gulf Insurance Company (GIC), a regional leader in commercial and personal insurance; Burgan Bank, Kuwait’s leading technology-driven commercial bank; Wataniya Telecom, the dynamic and fast-growing regional mobile telephone services provider, and Showtime, the hugely popular digital pay-TV service spanning the Middle East and North Africa.
In 2004, Kipco announced record full-year net profit of KD25.24 million.
Among companies in its industrial sector are United Industries Company, publicly listed in Kuwait and an associate of Kipco Asset Management Company (Kamco), Kuwait Chemical Manufacturing Company, Hempel Gulf Group, United Fisheries of Kuwait and Saudi Dairy and Foodstuff Company.
Recently, Kamco launched the pre-listing private placement of 15 million shares in Combined Group Company  (CGC) for Trading & Contracting, one of Kuwait’s leading construction companies.
In addition to wide-ranging construction projects including oil pipelines and oil projects, the company is engaged in the construction and maintenance of sanitary treatment plants, petrochemical industry projects, mechanical works and industrial plants. The company is also active in Build-Operate-Transfer (BOT) projects and is ISO 9001 certified.