KUWAIT CITY, November 14: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 12.52 million (US$ 41.1 million) for the first nine months of 2024. This represents a 7.2% increase over the KD 11.68million (US$ 38.3 million) reported in the corresponding period of 2023.

Earnings per share for the first nine months of the year compared to the same period in 2023 remained unchanged at 1.7 fils per share (US$ 0.56 cents).

In the third quarter (the three months ended September 30, 2024), the company reported a net profit of KD 1.36 million (US$ 4.5 million), an increase of 4% from the KD 1.31 million (US$ 4.3 million) reported for the corresponding quarter of 2023.

KIPCO’s consolidated revenue for the first nine months of 2024 came to KD 1.1 billion (US$ 3.6 billion), an increase of 16.6% over the KD 0.94 billion (US$ 3.1 billion) reported for the same period in 2023.

Consolidated assets came to KD 12.7 billion (US$ 41.7 billion) at the end of the first nine months of 2024, up from KD 12.3 billion (US$ 40.3 billion) reported at year-end 2023. Equity increased to KD 625 million (US$ 2.1 billion)from KD 611 million (US$ 2.0 billion) reported at the end of 2023.

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

“The first nine months of 2024 have shown growth across KIPCO’s core businesses, underlying our continued efforts to strengthen our operations and enhance stakeholder value. During the third quarter, our local and regional banking operations continued to show positive performance trends, alongside our operations in the food industry, industrial services and energy operations. We look to close the year with an overall enhancement of our capital structure and strengthened performance of our portfolio companies.”