Kuwait Projects Co SPC Limited 1st Quarter Results (9831K)

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RNS Number : 9831K

Kuwait Projects Co SPC Limited

10 May 2022

Immediate Release

KIPCO announces a net profit of KD 3.1 million

(US$ 10.2 million) for the first quarter of 2022

'Results of Q1 reflect our expectation for operational

growth in 2022' says company's Group CEO

Kuwait City, 10 May 2022: KIPCO - Kuwait Projects Company (Holding) - has announced a net profit of KD 3.1 million (US$ 10.2 million) for the first three months of 2022, up from a loss of KD 8.4 million (US$ -27.6 million) for the corresponding period of 2021.

Earnings per share for the first quarter (the three months ended March 31, 2022) were up from a loss per share of 4.5 fils (US$ -1.5 cents) in the first quarter of 2021, to an earnings per share 1.3 fils (US$ 0.4 cents).

In the first quarter, KIPCO's revenue remained relatively unchanged at KD 162.1 million (US$ 533.4 million), compared to KD 162.2 million (US$ 533.7 million) registered for the same period of 2021.

KIPCO's consolidated assets came to KD 10.6 billion (US$ 34.9 billion) at the end of first three months of 2022, up from the KD 10.2 billion (US$ 33.6 billion) reported at year-end 2021.

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

"In our recent Shafafiyah Investors' Forum, we said that 2021 was the year of recovery for our Group companies and that we expected the performance of our core operations to continue to register growth. The results of the first three months of 2022 reflect this. Our banking, insurance and petrochemical businesses have performed well, and our real estate operations have returned to positive operating revenue. Coinciding with the proposed merger with Qurain Petrochemical Industries, we believe that this year will set the stage for the launch of a stronger and more sustainable business model."

- Ends -

Notes to Editors:

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, media, real estate and industry. 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 0.3039

Further information:

   Eman Al Awadhi                Group Senior Vice President 

Corporate Communications & Investor Relations

T: [phone]

M:[phone]

[e-mail]

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May 10, 2022 08:57 ET (12:57 GMT)