REG - Kuwait ProjectCo SPC - Final Results

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29/03/2022 14:45

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RNS Number : 4301G  Kuwait Projects Co SPC Limited  29 March 2022

Immediate Release

 

KIPCO announces a net profit of KD 7.2 million

(US$ 23.8 million) for 2021

 

'We look to 2022 as the year of transformation' says company's Group CEO

 

 

Kuwait City, 29 March 2022: KIPCO - Kuwait Projects Company (Holding) - has
announced a net profit of KD 7.2 million (US$ 23.8 million) for the year ended
31 December 2021, up from the restated figure of KD 1.1 million (US$ 3.6
million) for 2020. Earnings per share for 2021 came to 0.7 fils (US$ 0.23
cents).

 

KIPCO's Board of Directors is recommending a cash dividend of 5 per cent (5
fils per share) subject to approval by the company's General Assembly and
regulatory authorities.

 

In 2021, total revenue from operations came to KD 711 million (US$ 2.4
billion), compared to the restated KD 724 million (US$ 2.4 billion) for 2020.

 

KIPCO's consolidated assets came to KD 10.2 billion (US$ 33.7 billion),
compared to KD 10.4 billion (US$ 34.4 billion) reported at year-end 2020.

 

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

 

"Our core businesses have been able to weather through the challenging
circumstances of the past two years and have registered growth in 2021. Our
banking operations showed positive performance, and our insurance business
delivered an increase in revenue following the acquisition of AXA's operations
in the Gulf. Operations in our real estate business have picked up
post-pandemic."

 

She added:

 

"Following the announcement of our intent to merge with Qurain Petrochemical
Industries, we look to 2022 as the year of transformation, as we work through
the due diligence process. We believe that this would create a stronger
investment holding company that would have the ability to strengthen existing
businesses, to pursue opportunities in new sectors and create greater value
for all of the shareholders."

 

-  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 0.30250

 

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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