Kuwait City: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 11.2 million (US$ 36.5 million) for the first six months of 2024. This represents an 8% increase over the KD 10.4 million (US$ 33.9 million) reported in the corresponding period of 2023.

Earnings per share for the first half of the year increased by 20% to 1.8 fils (US$ 0.59 cents) compared to 1.5 fils (US$ 0.49 cents) for the same period last year.

In the second quarter (the three months ended June 30, 2024), the company reported a net profit of KD 5.31 million (US$ 17.3 million), an increase of 1% from the KD 5.24 million (US$ 17.1 million) reported for the corresponding period of 2023.

KIPCO’s consolidated revenue for the first six months of 2024 came to KD 725.5 million (US$ 2.4 billion), an increase of 22% over the KD 595.5 million (US$ 1.9 billion) reported for the same period in 2023.

Consolidated assets came to KD 12.5 billion (US$ 40.8 billion) at the end of the first six months of 2024, up from KD 12.3 billion (US$ 40.1 billion) reported at year-end 2023. Equity increased to KD 620 million (US$ 2.02 billion) from KD 611 million (US$ 1.99 billion) reported at the end of 2023.

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

“The first half of the year has been a positive one for KIPCO, and the results reported for the period are a reflection of our efforts to preserve and grow stakeholder value. Once again this quarter, our local and regional banking operations reported strong growth, as have our foodstuff, industrial and energy businesses. We look to continue along this growth trajectory, supported by the enhancement of KIPCO’s capital structure and the strengthened performance of our key portfolio investments.”

-Ends-

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 30 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 0.3066

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