‘Our companies are taking all measures to maintain efficient business models’ says company’s Vice Chairman

KIPCO – the Kuwait Projects Company (Holding) – has announced an operating profit of KD 15.4 million (US$ 50.9 million) for the first three months of 2021.

The COVID-19 pandemic continues to have an impact on the Group’s core businesses, as second waves hit different parts of the world. Under these circumstances, our banks are taking large provisions, while our real estate and hospitality sector waits for people to go back to a more normal way of life.

KIPCO reported a net loss of KD 8.4 million (US$ -27.8 million) in the first quarter (the three months ended March 31, 2021), as a consequence of the situation that the local and international business communities are facing.

In the first quarter, the company’s revenue came to KD 169.7 million (US$ 561.2 million). Consolidated assets for the first three months of the year came to KD 10.1 billion (US$ 33.4 billion), compared to KD 10.4 billion (US$ 34.4 billion) reported at year-end 2020.

Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said:

“We said in our recent Shafafiyah Investors’ Forum that we remain guarded about 2021, as it is evident that the virus will remain with us for some time to come. We continue to hope that the rollout of the vaccine will help bring businesses closer to pre-COVID levels. In the meantime, our companies will continue to serve their clients in the best manner possible, while ensuring that all measures are taken to maintain efficient business models.”