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Kuwait Projects Co. (Holding) said its fiscal year 2023 net profit rose 19% year-on-year (YoY) to 30 million dinars ($98 million) driven by a one-off gain on the sale of its stake in Gulf Insurance Group.
However, Q4 2023 net profit fell 5% to KWD18.35 million, the company said in a regulatory filing on the Kuwait Stock Exchange, where its stock trades.
Total operating revenue rose 23% YoY to KWD1.28 billion. The holding company has assets worth KWD6.36 billion, up 4% on year.
Last year KIPCO sold its 46.32% equity in Gulf Insurance Group in a transaction valued at 2.4x book value.
The holding company invests in fi nancial services, food, petrochemicals & oil services, media, real estate and education across the Middle East and North Africa.
(Writing by Brinda Darasha; editing by Seban Scaria)
