REG - Kuwait ProjectCo SPC - 3rd Quarter Results

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14/11/2022 14:15

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RNS Number : 3390G  Kuwait Projects Co SPC Limited  14 November 2022

Immediate Release

 

KIPCO announces a net profit of KD 5.9 million (US$ 19 million) for the first
nine months of 2022

 

 

'Positive Q3 performance from our banking, industrial & real estate
operations' says company's Group CEO

 

 

Kuwait City, 14 November 2022: KIPCO - the Kuwait Projects Company (Holding) -
has announced a net profit of KD 5.9 million (US$ 19 million) for the first
nine months of 2022. Earnings per share for the said period came to 1 fils
(US$ 0.32 cents).

 

For the third quarter of 2022 (the three months ended September 30, 2022), the
company reported a net profit of KD 0.5 million (US$ 1.6 million).

 

The decrease in profitability is due to the upward restatement of the one-off
gain from Gulf Insurance Group's acquisition of AXA in the third quarter of
2021. The reported numbers also reflect the fluctuation in the overall
investment environment in 2022.

 

Operational revenue for the nine-month period came to KD 507.4 million (US$
1.6 billion), and operating profit from continued operations stood at KD 58.5
million (US$ 188.8 million).

 

KIPCO's consolidated assets for the first nine months of the year stood at KD
10.3 billion (US$ 33.2 billion), compared to KD 10.2 billion (US$ 32.9
billion) reported at year-end 2021.

 

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

 

"Our core operations in the banking, industrial and real estate sectors have
fared well during this quarter. With the completion of KIPCO's transformative
merger with Qurain Petrochemical Industries in the next few weeks, we are
confident that we will report stronger performance at year-end."

 

-  Ends -

 

 

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, media, real estate and
industry. 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 0.30985

 

Further information:

Eman Al Awadhi               Group Senior Vice President

Corporate Communications & Investor Relations

T: +965 2294 3416

                                      M:+965 6033 6399

Eman.Alawadhi@kipco.com (mailto:Eman.Alawadhi@kipco.com)

 

 

 

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