‘Market remains challenging as we work to bring our businesses back up to pre-COVID levels’ says company’s Vice Chairman
KIPCO – the Kuwait Projects Company (Holding) – has announced a net profit of KD 11.6 million (US$ 38.5 million) for the second quarter of 2021 (the three months ended June 30, 2021). This represents a 160 per cent increase compared to a loss of the KD 19.6 million (US$ 65.1 million) reported for the same period of 2020.
For the first six months of 2021, the company recorded a net profit of KD 3.2 million (US$ 10.6 million). This comes after taking provisions for credit losses and for investments amounting to KD 56 million (US$ 186 million).
The company also reported a 6 per cent rise in its total operating profit during the first half of 2021, at KD 68.4 million (US$ 227 million) from KD 64.4 million (US$ 214 million) reported for the same period in 2020.
KIPCO’s consolidated assets for the first six months of the year stood at KD 10 billion (US$ 33.2 billion), compared to KD 10.4 billion (US$ 34.5 billion) reported at year-end 2020.
Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said:
“In our 2021 Shafafiyah Investors’ Forum, we highlighted our guarded approach while the COVID-19 virus continues to take different parts of the world in waves. We believe that the market will remain challenging in the near future. Despite this, our core companies, namely the financial services sector, have fared well this quarter, and we hope that the business environment at large improves in order to support our efforts to bring our portfolio back up to pre-COVID levels.”