DUBAI, Feb 22 (Reuters) - Kuwait Projects Co.
, the country's largest investment firm, saw its net
profit fall 54 percent in the fourth quarter, and posted a 33
percent drop in yearly profit compared to 2010.
The company, known as KIPCO, had earnings of 6.4 million
dinars ($23.04 million) in the three months ending Dec. 31,
compared to 14 million dinars for the same period in 2010, a
statement said.
Net profit in 2011 stood at 30 million dinars, compared to
45 million dinars net profit a year earlier.
In 2010, KIPCO recorded a gain from the sale of it 39.2
percent stake in Gulf Insurance Co. to Canada's
Fairfax Financial Holding for $208.6 million.
The company said its consolidated assets increased in 2011
to 5.8 billion dinar from 5.67 billion in 2010.
The board recommended a 20 percent cash dividend, or 20 fils
per share, and a 5 per cent free share distribution.
($1 = 0.2778 Kuwaiti dinars)
(Reporting by Mahmoud Habboush; Editing by Firouz Sedarat)
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