KIPCO – the Kuwait Projects Company (Holding) – has announced a net profit of KD 5.9 million (US$19 million) for the first nine months of 2022. Earnings per share for the said period came to 1 fils (US$ 0.32 cents). For the third quarter of 2022 (the three months ended September 30, 2022), the company reported a net profit of KD 0.5 million (US$1.6 million).

The decrease in profitability is due to the upward restatement of the one-off gain from Gulf Insurance Group’s acquisition of AXA in the third quarter of 2021. The reported numbers also reflect the fluctuation in the overall investment environment in 2022. Operational revenue for the nine month period came to KD 507.4 million (US$ 1.6 billion), and operating profit from continued operations stood at KD 58.5 million (US$ 188.8 million).

KIPCO’s consolidated assets for the first nine months of the year stood at KD 10.3 billion (US$33.2 billion), compared to KD 10.2 billion (US$ 32.9 billion) reported at year-end 2021. Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO’s Group Chief Executive Officer, said: “Our core operations in the banking, industrial and real estate sectors have fared well during this quarter. With the completion of KIPCO’s transformative merger with Qurain Petrochemical Industries in the next few weeks, we are confident that we will report stronger performance at year-end.”

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