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Kuwait Projects Rises to Week-High as Profit Surges Fourfold

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Aug. 3 (Bloomberg) -- Kuwait Projects Co. advanced to a one-week high after the country’s biggest privately owned investment company said first-half profit surged fourfold on higher growth in commercial banking and insurance.

The shares increased 1.4 percent to 360 fils, the highest since July 27, at the 12:45 p.m. close in Kuwait City.

Net income jumped to 16.6 million dinars ($61 million) from 4.2 million dinars a year earlier. 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: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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