‘Results of Q1 reflect our expectation for operational growth in 2022’ says company’s Group CEO
KIPCO – Kuwait Projects Company (Holding) – has announced a net profit of KD 3.1 million (US$ 10.2 million) for the first three months of 2022, up from a loss of KD 8.4 million (US$ -27.6 million) for the corresponding period of 2021.
Earnings per share for the first quarter (the three months ended March 31, 2022) were up from a loss per share of 4.5 fils (US$ -1.5 cents) in the first quarter of 2021, to an earnings per share of 1.3 fils (US$ 0.4 cents).
In the first quarter, KIPCO’s revenue remained relatively unchanged at KD 162.1 million (US$ 533.4 million), compared to KD 162.2 million (US$ 533.7 million) registered for the same period of 2021.
KIPCO’s consolidated assets came to KD 10.6 billion (US$ 34.9 billion) at the end of first three months of 2022, up from the KD 10.2 billion (US$ 33.6 billion) reported at year-end 2021.
Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO’s Group Chief Executive Officer, said:
“In our recent Shafafiyah Investors’ Forum, we said that 2021 was the year of recovery for our Group companies and that we expected the performance of our core operations to continue to register growth. The results of the first three months of 2022 reflect this. Our banking, insurance and petrochemical businesses have performed well, and our real estate operations have returned to positive operating revenue. Coinciding with the proposed merger with Qurain Petrochemical Industries, we believe that this year will set the stage for the launch of a stronger and more sustainable business model.”