Kuwait City: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 15.65 million (US$ 50.80 million) for the year ended December 31, 2024. Earnings per share for 2024 stood at 1.8 fils (US$ 0.58 cents).

Operational profit increased 13.17% from KD 156.65 million (US$ 508.52 million) in 2023 to KD 177.28 million (US$ 575.49 million) in 2024. The increase reflects the enhanced performance of businesses across the KIPCO Group, in particular the growth reported by the banking, foodstuff and petrochemical services sectors.

The reduction in KIPCO’s overall net profit from KD 30.0 million (US$ 97.39 million) reported in 2023 is due to the one-off gain from the sale of the company’s stake in Gulf Insurance Group, which was reflected in the last quarter of the previous year’s financial statements.

In 2024, KIPCO’s total revenue from operations registered an increase of 16.41% from KD 1.28 billion (US$ 4.16 billion) in 2023 to KD 1.49 billion (US$ 4.84 billion) in 2024. Shareholder equity went up 3.71% to KD 633.87 million (US$ 2.06 billion) compared to KD 611.17 million (US$ 1.98 billion) in 2023.

At year-end, KIPCO’s consolidated assets increased 5.28% to KD 12.97 billion (US$ 42.10 billion), compared to KD 12.32 billion (US$ 39.99 billion) at the end of 2023.

Commenting on the results, Sheikha Dana Naser Sabah Al Ahmad Al Sabah, KIPCO’s Group Chief Executive Officer, said:

“The results reported for 2024 reflect the continued success of the company’s strategy to preserve and grow stakeholders’ value by enhancing the performance of our portfolio investments and achieving sectoral balance in our portfolio. These efforts have resulted in enhanced performance across our major businesses, including banking, financial services, foodstuff, petrochemical and logistic services. The positive performance of our operating companies lays down a solid base for KIPCO’s future outlook and strengthens its financial position.”

KIPCO adopts a prudent approach to liquidity and proactive liability management, which adds to the company’s financial strength and efficiency in managing its debt and financing portfolio. The company’s total repayments and/or exchanges of EMTNs and bonds in 2023 and 2024 came to US$ 1.15 billion. This is in addition to the full pre-payment of the US$ 525 million syndicated facility nearly one year ahead of its first maturity.

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About KIPCO

Kuwait Projects Company (Holding) – KIPCO – is a holding company that invests 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 35 years.

KIPCO’s main business sectors are financial services, food, petrochemicals & oil services, media, real estate and education. It’s financial service interests include commercial banking, asset management and investment banking.

The conversion rate used is US$1 to KD 0.30805

Further information: 
Eman Al Awadhi 
Group Senior Vice President
Corporate Communications & Investor Relations
Eman.Alawadhi@kipco.com

Meshari Al Duhaim          
Senior Manager
Corporate Communications & Investor Relations
Meshari.Alduhaim@kipco.com