‘Markets remain volatile and we look with caution to the months ahead’ says company’s Vice Chairman
KIPCO – the Kuwait Projects Company (Holding) – has announced a net profit of KD 15.1 million (US$ 49 million) for the first nine months of 2020, a drop of 34 per cent compared to KD 22.8 million (US$ 75 million) originally reported for the same period last year.
Earnings per share came to 6.8 fils (US$ 2.2 cents), a drop of 9 per cent compared to 7.5 fils per share (US$ 2.5 cents) originally reported for the same period last year.
The company’s 2019 financials were restated due to a change in the classification of OSN after an increase in ownership.
Despite the impact of the COVID-19 pandemic, the Group’s core operations fared relatively well in the third quarter (the three months ended September 30, 2020). KIPCO reported a profit of KD 4.1 million (US$ 13.4 million) compared to KD 9.2 million (US$ 30 million), originally reported before restatement for the same period last year.
The company’s consolidated assets for the nine months came to KD 10.1 billion (US$ 33 billion), compared to KD 10.3 billion (US$ 33.7 billion) reported at year-end 2020.
Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said:
“As some parts of the world face a second wave of the COVID-19 pandemic, we look with caution at the months ahead. Procedures to prevent the spread of the virus continue to affect the supply chain, and the market remains volatile and uncertain. However, people have started to adjust to a new way of life, and our results this quarter indicate a slight recovery. Our core businesses will continue to provide their services to customers in a safe and effective manner, while taking into account the safety measures mandated by the health authorities.”