KIPCO reports KD 5.84 million (US$ 19 million) in net profit for Q1 2024

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Kuwait City, May 14: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 5.84 million (US$ 19.0 million) for the first three months of 2024. This represents a 14% increase over the KD 5.12 million (US$ 16.7 million) reported in the corresponding period of 2023.

Earnings per share for the first quarter (the three months ended March 31, 2024) increased by 9% to 1.2 fils (US$ 0.39 cents) compared to 1.1 fils (US$ 0.36 cents) for the same period last year.

In the first quarter, KIPCO’s consolidated revenue came to KD 352 million (US$ 1.14 billion), an increase of 14% over the KD 309.3 million (US$ 1.0 billion) reported for the same period in 2023.

KIPCO’s consolidated assets came to KD 12.51 billion (US$ 40.7 billion) at the end of the first three months of 2024, up from KD 12.33 billion (US$ 40.1 billion) reported at year-end 2023. Equity increased to KD 617 million (US$ 2 billion) from KD 611 million (US$ 1.98 billion) reported at the end of 2023.

Sheikha Dana Naser Sabah Al Ahmad Al Sabah, KIPCO’s Group Chief Executive Officer, said:

“The positive results reported for the first quarter reflect our efforts to deliver on KIPCO’s strategic priorities, namely strengthening the performance of our key portfolio investments and the company’s capital structure. Our commercial banking operations continue to enhance their performance, alongside our industrial and logistics businesses. In our recent Annual General Assembly Meeting, we said that it is our mission to preserve and grow stakeholders’ value, and our performance is an indication of our commitment to upholding this promise.”

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