Kuwait Investment and Projects Company (KIPCO) [KPROJ.KK] posted 1Q16 preliminary figures, with earnings growing 13% Y-o-Y to reach KWD13.5 million. The company attributed earnings growth to a 17% increase in revenues from the group’s main operations. Commercial banking, the company’s key segment (70% of 1Q16 revenue), drove the bulk of growth, up 16%, followed by asset management (10%) growing +103%. Meanwhile, operating profit grew by 7% to cKWD40.1 million with EBIT margin narrowing 220bps Y-o-Y to 24.4%. The company remains on track to report single-digit growth for 2016, the disclosure added. (Company Disclosure)