KUWAIT - Kuwait Projects Company (KIPCO) announced profits worth KD 5.12 million (about USD 15.5 million) in Q1 2023, compared with KD 3.2 million (USD 9.6 million) in the same time period of 2022, a raise of 59 percent.

In a statement published on Boursa Kuwait website on Tuesday, KIPCO said that per share dividends reached 1.1 fils in Q1 2023, compared with 1.3 fils in 2022, a decline of 15 percent.

KIPCO noted that the rise in profits was due to positive performance of the newly added companies to the group, especially the recent merge with Qurain Petrochemical Industries Company, mainly in the fields of logistic services, industry and energy.

The rise was also affected by profits of the banking sector, it added.

KIPCO was established in 1975 and was enlisted in Boursa Kuwait in 1984 with a capital of KD 504.8 million (USD 1.6 billion). 

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