Kuwait City: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 11.7 million (US$ 37.9 million) for the first nine months of 2023. This represents an increase of 95% from the KD 6.0 million (US$ 19.4 million) reported for the same period of 2022.

Earnings per share for the first nine months of the year came to 1.7 fils (US$ 0.55 cents), compared to 1 fils (US$ 0.32 cents) for the same period last year.

For the third quarter of 2023 (the three months ended September 30, 2023), the company reported a net profit of KD 1.3 million (US$ 4.2 million), an increase of 160% from the KD 0.5 million (US$ 1.6 million) reported for the corresponding quarter of 2022.

Operational revenue for the nine-months period came to KD 935.4 million (US$ 3 billion), up 88% from KD 496.6 million (US$ 1.6 billion) reported for the same period in 2022. Operating profit from continued operations came to KD 108 million (US$ 349.5 million), reporting 126% above the KD 47.7 million (US$ 154.3 million) posted for the first nine months of 2022.

KIPCO’s consolidated assets came to KD 11.9 billion (US$ 38.5 billion) at the end of first nine months of 2023, up 4% from KD 11.4 billion (US$ 36.9 billion) reported at year-end 2022.

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

“Our results for the first nine months of the year reflect the positive performance of our core companies. Our ongoing work at enhancing the governance of our companies and streamlining their operations has contributed to the positive outcome. Continued profitability, despite current geopolitical and economic headwinds, reiterate the soundness of our strategy of building a strong, diversified portfolio that enables us to withstand market volatilities.”

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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, manufacturing 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 0.30905

Further information:         
Eman Al Awadhi             
Group Senior Vice President
Eman.Alawadhi@kipco.com