61DH Kuwait Proj.27

TIDM61DH

RNS Number : 0434U

Kuwait Projects Co SPC Limited

23 March 2023

Immediate Release

KIPCO announces a 44% increase in 2022 net profit to KD 25.2 million (US$ 82.3 million)

"We are building a stronger, streamlined and efficient holding company that can withstand the volatile economic environment and is ready for new opportunities" says company's Group CEO

Kuwait City, 23 March 2023: KIPCO - Kuwait Projects Company (Holding) - announced a net profit of KD 25.2 million (US$ 82.3 million) for the year ended 31 December 2022, an increase of 44% over the KD 17.5 million (US$ 57.1 million) reported at the end of 2021.

Earnings per share were up 15% over the 6 fils (US$ 2 cents) reported in 2021 to 6.9 fils (US$ 2.3 cents) for 2022.

KIPCO's total revenue from operations registered a 47% increase from KD 721 million (US$ 2.35 billion) in 2021 to KD 1.06 billion (US$ 3.5 billion) in 2022. Shareholder equity increased 81% from KD 325.8 million (US$ 1.1 billion) to KD 590.5 million (US$ 1.9 billion).

KIPCO's consolidated assets increased 12% to KD 11.4 billion (US$ 37.2 billion) at the end of 2022, compared to KD 10.2 billion (US$ 33.3 billion) for the previous year.

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

"The year 2022 was transformative for KIPCO. With the merger with Qurain Petrochemical Industries now complete, our portfolio has expanded to include new sectors, namely energy, foodstuff, healthcare and logistics. We have interest in seeking investment opportunities in high growth potential sectors such as foodstuff, healthcare and education, and our portfolio will serve as a launch pad for these efforts and pave the path towards our vision for the future."

She added:

"During the year, our core companies continued to deliver exceptional performance, thus contributing to our efforts to build an investment holding company that is streamlined, operates efficiently and effectively, and is able to weather through challenges in an ever-changing economic landscape."

Furthermore, Sheikha Dana said:

"Moving into 2023, and as we seek to enhance the company's position, we must take strict measures and hedge against market volatilities and high interest rates. As such, KIPCO's Board of Directors has recommended not to distribute dividends for the year to protect the best interests of our shareholders. This also ensures that we maintain our credit profile and rating positions and ensures readiness to pursue new investment opportunities that create greater value for our shareholders. While we look to the coming year with caution, we are confident that we have put in place the necessary grounds that will allow us to navigate with more efficiency towards a promising and sustainable future."

- 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, energy, media, real estate , industry and education. 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 0.30630

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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