1st Quarter Results

Kuwait Projects Co SPC Limited

16 May 2023

 

Immediate Release

KIPCO reports KD 5.1 million (US$ 16.6 million) in net profit for the first quarter of 2023

"Results reflect our efforts to ensure positive performance of our core businesses," says company's Group CEO

Kuwait City, 16 May 2023: KIPCO - Kuwait Projects Company (Holding) - announced a net profit of KD 5.1 million (US$ 16.6 million) for the first three months of 2023, an increase of 59% from the KD 3.2 million (US$ 10.4 million) reported in the corresponding period of 2022.

Earnings per share for the first quarter (the three months ended March 31, 2023) came to 1.1 fils (US$ 0.36 cents), compared to 1.3 fils (US$ 0.42 cents) for the same period last year.

In the first quarter, KIPCO's consolidated revenue came to KD 313.7 million (US$ 1.02 billion), an increase of 93% from KD 162.2 million (US$ 529.1 million) reported for the same period in 2022.

KIPCO's consolidated assets increased 4% and came to KD 11.8 billion (US$ 38.5 billion) at the end of the first three months of 2023, up from KD 11.4 billion (US$ 37.2 billion) reported at year-end 2022.

Sheikha Dana Naser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief Executive Officer, said:

"The positive results of the first three months of 2023 reflect the performance of our portfolio companies. Our commercial banking sector, namely our operation in Jordan, has reported positive growth, together with the energy and the industrial & logistics sectors that were added to our portfolio as a result of the recent merger with Qurain Petrochemical Industries. As we said in our recent Annual General Assembly Meeting, we strive to build a holding company that is strong and able to withstand market volatilities. These results demonstrate our efforts to ensure that KIPCO's core businesses continue to deliver enhanced positive performance, stemming from streamlined operations that are both efficient and effective."

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Notes to Editors:

Kuwait Projects Company (Holding) - KIPCO - is a holding company that focuses on investments in the Middle East and North Africa. Its strategy of acquiring, building, scaling and selling companies in the MENA region has worked successfully for over 30 years.

KIPCO's main business sectors are financial services, energy, media, real estate, industry and education. KIPCO's financial service interests include holdings in commercial banks, insurance companies, asset management and investment banking.

The conversion rate used is US$1 to KD 0.30655

Further information:                            

Eman Al Awadhi              Group Senior Vice President

Corporate Communications & Investor Relations

T: [phone]

                                       M:[phone]

[e-mail]

 

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