Kuwait Projects Co SPC Limited 1st Quarter Results (5553Z)
16 May 2023 - 5:32PM
UK Regulatory
TIDM61DH
RNS Number : 5553Z
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."
- 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, 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: +965 2294 3416
M:+965 6033 6399
Eman.Alawadhi@kipco.com
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END
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