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Kuwait Projects Co.

Source: Taib Bank

Quarterly Result Update

• Kuwait Projects Company (Kipco) reported 23.0% increase in total operating income to KWD 93.18 million from KWD 75.77 million in 1Q10.
• Net profit increased by three-fold to KWD 8.06 million from KWD 2.04 million.
• We have revised our 2011E operating income upwards by 5.0%. Our net profit estimate remains unchanged on expected higher expenses.
• We maintain our OVERWEIGHT rating on the stock, with a target price of KWD 0.420, implying an upside of 15.2%.

Operating Income
During 1Q11, total income increased 23.0% to KWD 93.18 million from KWD 75.77 million during 1Q10. Interest income fell 6.7% YoY to KWD 40.95 million, while investment income jumped 94.3% YoY to KWD 11.86 million. In addition, fee and commission income rose 2.9% YoY to KWD 10.29 million, while share of results of associates grew 204% YoY to KWD 3.34 million. Meanwhile, the company reported rental and real estate income of KWD 6.43 million, as against nil during the year earlier period. Kipco posted foreign exchange gain of KWD 6.53 million from a net loss of KWD 0.15 million during 1Q10. Revenue from digital satellite television services dipped 8.8% to KWD 11.17 million. Other income rose 1.9% to KWD 2.61 million.

Revenue from commercial banking declined 1.8% to KWD 54.64 million from KWD 55.64 million in the year-ago period. Income from asset management and investment banking was up 81.8% YoY to KWD 19.47 million, while that from the insurance segment decreased 95.8% YoY to KWD 0.90 million. Income from the media segment dropped 8.8% YoY to KWD 11.17 million, whereas revenue from other segment improved 24.5% YoY to KWD 1.93 million. Income from the industrial segment was KWD 3.81 million income, while the hospitality and real estate segment reported KWD 7.05 million income.

Profitability
Net profit tripled to KWD 8.06 million from KWD 2.04 million in 1Q10. Adjusted annualised EPS was KWD 0.027, compared to KWD 0.007 during 1Q10.

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