TIDM61DH

RNS Number : 9992V

Kuwait Projects Co SPC Limited

15 August 2022

Immediate Release

KIPCO announces a net profit of KD 5.37 million (US$ 17.5 million) for the first half of 2022

'Our core companies continue to perform positively' says company's Group CEO

Kuwait City, 15 August 2022: KIPCO - the Kuwait Projects Company (Holding) - has announced a net profit of KD 5.37 million (US$ 17.5 million) for the first six months of 2022. This represents a 68 per cent increase compared to the KD 3.2 million (US$ 10.4 million) reported for the same period of 2021.

Earnings per share for the first half of 2022 came to 0.8 fils (US$ 0.3 cents), compared to 0.2 fils (US$ 0.1 cents) reported in the same period of 2021.

For the second quarter of 2022 (the three months ended June 30, 2022), the company reported a net profit of KD 2.2 million (US$ 7.2 million), compared to KD 11.6 million (US$ 37.8 million) for the corresponding quarter of 2021. KIPCO had reported a one-off investment gain in the second quarter of 2021.

KIPCO's consolidated assets for the first six months of the year stood at KD 10.6 billion (US$ 34.6 billion), compared to KD 10.2 billion (US$ 33.3 billion) reported at year-end 2021.

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

"Our companies continue to deliver positive performance, as we highlighted at our Shafafiyah Investors' Forum earlier this year. Both our banking and insurance businesses have reported positive performance so far this year, and our real estate arm has registered an increase in operating profit. As for KIPCO's merger with QPIC, the ongoing process is on track, and we are confident that this transformative transaction will be completed before the end of the year."

- 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 0.3067

Further information:

   Eman Al Awadhi               Group Senior Vice President

Corporate Communications & Investor Relations

T: +965 2294 3416

M:+965 6033 6399

Eman.Alawadhi@kipco.com

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