KUWAIT CITY, Aug 13: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 10.4 million (US$ 33.9 million) for the first six months of 2023, an increase of 89% from the KD 5.5 million (US$ 17.9 million) reported for the same period of 2022. Earnings per share for the first half of 2023 came to 1.5 fils (US$ 0.5 cents), compared to 0.8 fils (US$ 0.3 cents) for the same period last year.

In the second quarter of 2023 (the three months ended June 30, 2023), the company reported a net profit of KD 5.2 million (US$ 16.9 million), an increase of 136% from the KD 2.2 million (US$ 7.2 million) reported for the corresponding quarter of 2022. Consolidated revenue for the second quarter came to KD 595.5 million (US$ 1.9 billion), an increase of 81% from KD 329.2 million (US$ 1.1 billion) reported for the same period in the year 2022. KIPCO’s consolidated assets stood at KD 11.9 billion (US$ 38.8 billion) at the end of the first six months of 2023, up 4% from KD 11.4 billion (US$ 37.1 billion) reported at year-end 2022.

Sheikha Dana Naser Sabah Al Ahmad Al Sabah, KIPCO’s Group Chief Executive Officer, said: “The results for the first six months of the year have been positive and are driven by the excellent results posted by our foreign banking operations, foodstuff and logistics businesses and oil field services. This quarter’s outcome translates our ongoing efforts to enhance the efficiency and performance of our portfolio companies with the aim of creating greater value for our shareholders.”