‘Our core companies continue to perform positively’ says company’s Group CEO

KIPCO – the Kuwait Projects Company (Holding) – has announced a net profit of KD 5.37 million (US$ 17.5 million) for the first six months of 2022. This represents a 68 per cent increase compared to the KD 3.2 million (US$ 10.4 million) reported for the same period of 2021. Earnings per share for the first half of 2022 came to 0.8 fils (US$ 0.3 cents), compared to 0.2 fils (US$ 0.1 cents) reported in the same period of 2021.

For the second quarter of 2022 (the three months ended June 30, 2022), the company reported a net profit of KD 2.2 million (US$ 7.2 million), compared to KD 11.6 million (US$ 37.8 million) for the corresponding quarter of 2021. KIPCO had reported a one-off investment gain in the second quarter of 2021. KIPCO’s consolidated assets for the first six months of the year stood at KD 10.6 billion (US$ 34.6 billion), compared to KD 10.2 billion (US$ 33.3 billion) reported at year-end 2021.

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

“Our companies continue to deliver positive performance, as we highlighted at our Shafafiyah Investors’ Forum earlier this year. Both our banking and insurance businesses have reported positive performance so far this year, and our real estate arm has registered an increase in operating profit. As for KIPCO’s merger with QPIC, the ongoing process is on track, and we are confident that this transformative transaction will be completed before the end of the year.”