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Kuwait Projects First-Half Profit Rises Fourfold to $61 Million

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Aug. 2 (Bloomberg) -- Kuwait Projects Co., the country’s biggest privately owned investment company, said first-half profit rose fourfold on increased growth in commercial banking and insurance.

Net income rose to 16.6 million dinars ($60.7 million), or 14.04 fils per share, from 4.2 million dinars, or 3.58 fils a share, a year earlier, the company known as Kipco said in an e-mailed statement today.

Second-quarter profit rose to 8.5 million dinars from 2.2 million dinars a year earlier, the company said.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net.

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