KIPCO posts healthy first half net

Kuwait-based holding company saw 45% year on year increase in first half net profit; plans to launch luxury airline.

  • E-Mail
By  David Ingham Published  July 29, 2003

Kuwait Projects Company (Holding) – KIPCO – posted net profit of KD8.07 million (US $26.9 million) for the first half of 2003, an increase of 45.4% year on year. Revenue for the first half was KD 28.36 million (US $94.5 million), a rise of 17.8% year on year.

The diversified holding company said that the rise in profit was due to consistent growth amongst its various companies.

“These strong half year results demonstrate significant growth and profitability supported by a solid foundation of sound, diversified interests,” said KIPCO managing director and chief executive officer Faisal Hamad Al Ayyar. “They represent both the achievements made by our KIPCO group companies and also the continued confidence and trust shown by the markets in the management of these companies.

Total assets stood at approximately US $2 billion at the end of June 2003, an increase of 4.2% from December 2002 and of 9% from June 2002.

KIPCO, founded in 1975, counts United Gulf Bank, Gulf Insurance Company, Burgan Bank and KAMCO amongst its financial assets and United Broadcasting Co. (Showtime), Wataniya Telecom, ShowNet and United Cable Company amongst its tech and media holdings.

The company’s latest initiative is the announcement on July 22 of a luxury airline. United Aviation will offer VIP charter services to anywhere in the Gulf from Kuwait, with a particular focus on Iraq.

“United Aviation will be available for VIP business travel to and from destinations in the Gulf, Europe, Asia, and further afield around the world,” said Al Ayyar. “As Kuwait’s first luxury business jet charter airline we are proud to offer a service that takes VIP travel to new heights, with tailor-made facilities for customers to travel when they want, and where they want to, without the constraints of scheduled airline flights.”

“Iraq is a major focus for regional and international businesses seeking to be involved in rebuilding the country, and our new airline will be in the leading position to provide a premier service for swift and comfortable access to the Iraqi business centres, once all official permissions are given,” he said.

The airline is licensed by the Kuwait Directorate General of Civil Aviation and says it is now processing governmental approvals and insurance for flights to Baghdad. Its first aircraft is an Embraer 135 Legacy twinjet, capable of seating 14 passengers.

The airline’s CEO is Captain Abdullah Bastaki, a former director of operations at Kuwait Airways Corporation.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code