“We are building a stronger, streamlined and efficient holding company that can withstand the volatile economic environment and is ready for new opportunities” says company’s Group CEO
KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 25.2 million (US$ 82.3 million) for the year ended 31 December 2022, an increase of 44% over the KD 17.5 million (US$ 57.1 million) reported at the end of 2021.
Earnings per share were up 15% over the 6 fils (US$ 2 cents) reported in 2021 to 6.9 fils (US$ 2.3 cents) for 2022.
KIPCO’s total revenue from operations registered a 47% increase from KD 721 million (US$ 2.35 billion) in 2021 to KD 1.06 billion (US$ 3.5 billion) in 2022. Shareholder equity increased 81% from KD 325.8 million (US$ 1.1 billion) to KD 590.5 million (US$ 1.9 billion).
KIPCO’s consolidated assets increased 12% to KD 11.4 billion (US$ 37.2 billion) at the end of 2022, compared to KD 10.2 billion (US$ 33.3 billion) for the previous year.
Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO’s Chief Executive Officer, said:
“The year 2022 was transformative for KIPCO. With the merger with Qurain Petrochemical Industries now complete, our portfolio has expanded to include new sectors, namely energy, foodstuff, healthcare and logistics. We have interest in seeking investment opportunities in high growth potential sectors such as foodstuff, healthcare and education, and our portfolio will serve as a launch pad for these efforts and pave the path towards our vision for the future.”
“During the year, our core companies continued to deliver exceptional performance, thus contributing to our efforts to build an investment holding company that is streamlined, operates efficiently and effectively, and is able to weather through challenges in an ever-changing economic landscape.”
Furthermore, Sheikha Dana said:
“Moving into 2023, and as we seek to enhance the company’s position, we must take strict measures and hedge against market volatilities and high interest rates. As such, KIPCO’s Board of Directors has recommended not to distribute dividends for the year to protect the best interests of our shareholders. This also ensures that we maintain our credit profile and rating positions and ensures readiness to pursue new investment opportunities that create greater value for our shareholders. While we look to the coming year with caution, we are confident that we have put in place the necessary grounds that will allow us to navigate with more efficiency towards a promising and sustainable future.”