Mubasher: Kuwait Projects Holding’s (KIPCO) is expected to generate a net profit of $100 million this year, the company’s group financial control said.

In the first quarter of 2019, KIPCO received $62 million of the expected amount, representing 60% of the target, Anuj Rohtagi added.

Rohtagi further noted that around 12% of the projected value will be achieved in Q2-19 and over the remaining period of the year.

KIPCO stated that its subsidiary United Gulf Holding Company achieved a 37% increase in revenues, reaching $62.2 million in Q1-19.

The company’s profits levelled up 15% to KWD 6.5 million by the end of Q1-19 from KWD 5.6 million in Q1-18.

In 2018, KIPCO’s profits grew 20% to KWD 28.28 million, compared to KWD 23.57 million a year earlier.