StockMarketWire.com - Kuwait Projects Co - KIPCO - has unveiled its 20th consecutive year of profitability with net profits of KD30m for 2011 although the result is 33% down on last time.
KIPCO's board is recommending a cash dividend of 20% (20 fils per share) and a 5% stock dividend for 2011, subject to approval by the company's general assembly and regulatory authorities.
KIPCO said its proposed 2011 shareholder dividend would mean that over the last 10 years it has paid a cumulative total of KD331m in cash dividends - or 313 fils per share over the same period.
When compared to the average 10-year return from other companies in Kuwait's investment sector, the company believes this track record is an exemplary return for its shareholders. KIPCO's 2011 profit is a 33% drop over the KD45m profit achieved in 2010 which included non-recurring transaction gains such as the gain from the sale of a major share in the Gulf Insurance Company.
Story provided by StockMarketWire.com
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