Kuwait-based Independent Petroleum Group (IPG) said its net 2004 profit climbed almost 90 per cent to 8.7 million dinars ($29.7 million), thanks mainly to profitable investments in logistics projects.

The profit compared with 4.57 million dinars earned in 2003, the company said.
Earnings per share surged to 82.5 fils from 44.4 fils in 2003. There are 1,000 fils per dinar.
The firm, an independent petroleum trader with operations in 30 countries spanning Asia and Africa, said its sales had reached 400 million Kuwaiti dinars in 2004, a compounded annual growth of 27 per cent over the last seven years.