‘We look to 2022 as the year of transformation’ says company’s Group CEO

KIPCO – Kuwait Projects Company (Holding) – has announced a net profit of KD 7.2 million (US$ 23.8 million) for the year ended 31 December 2021, up from the restated figure of KD 1.1 million (US$ 3.6 million) for 2020. Earnings per share for 2021 came to 0.7 fils (US$ 0.23 cents).

KIPCO’s Board of Directors is recommending a cash dividend of 5 per cent (5 fils per share) subject to approval by the company’s General Assembly and regulatory authorities.

In 2021, total revenue from operations came to KD 711 million (US$ 2.4 billion), compared to the restated KD 724 million (US$ 2.4 billion) for 2020.

KIPCO’s consolidated assets came to KD 10.2 billion (US$ 33.7 billion), compared to KD 10.4 billion (US$ 34.4 billion) reported at year-end 2020.

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

“Our core businesses have been able to weather through the challenging circumstances of the past two years and have registered growth in 2021. Our banking operations showed positive performance, and our insurance business delivered an increase in revenue following the acquisition of AXA’s operations in the Gulf. Operations in our real estate business have picked up post-pandemic.”

She added:

“Following the announcement of our intent to merge with Qurain Petrochemical Industries, we look to 2022 as the year of transformation, as we work through the due diligence process. We believe that this would create a stronger investment holding company that would have the ability to strengthen existing businesses, to pursue opportunities in new sectors and create greater value for all of the shareholders.”