LOC16:44
13:44 GMT
KUWAIT, Aug 13 (KUNA) -- Kuwait Projects Company Holding (KIPCO) announced Thursday that it has achieved a net profit of KD 11 million (about USD 35.7 million) in the first half of the year 2020, a decrease of 19 percent compared to KD 13.58 million (about USD 44 million) during the same period last year.
The company said in a press release that the effects of COVID-19 were so clear that they have impacted on the group's main activities during the second quarter of the year due to the closure and curfews.
The company recorded losses of KD 17.8 million (about USD 57.8 million) in the second quarter (the three months ending June 30, 2020) as a result of the conditions facing companies at local, regional and international levels.
It stated that the total combined assets during the first half of the current year amounted to KD 10.3 billion (about USD 33.5 billion), equivalent to the declared value at the end of 2019. (end)
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