KIPCO – the Kuwait Projects Company (Holding) – has announced a net profit of KD 23.6 million (US$ 78.2 million), or 12.08 fils (US$ 4 cents) per share, for the year ended 31 December 2017, compared to KD 45.5 million (US$ 150.8 million), or 28.62 fils (US$ 9.48 cents) per share in 2016. This makes 2017 KIPCO’s twenty-sixth year of consecutive profitability.

KIPCO’s Board of Directors is recommending a cash dividend of 10 per cent (10 fils per share) and a 5 per cent stock dividend, subject to approval by the company’s General Assembly and regulatory authorities.

In 2017, total revenue from operations came to KD 656 million (US$ 2.17 billion), compared to KD 661 million (US$ 2.19 billion) reported in 2016.

KIPCO’s consolidated assets increased 4 per cent to KD 10.4 billion (US$ 34.5 billion), compared to KD 10 billion (US$ 33.1 billion) reported at year-end 2016.

Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said that 2017 was a difficult year due to a number of external factors, but the company was able to perform despite these circumstances:

“Our core businesses were able to face the challenging external environment – such as banking regulations, the introduction of new technology and piracy in the media business, currency volatility as well as regional tensions – thanks to our prudent internal controls managed by our experienced professionals and business leaders across the Group, streamlining of resources, good governance and sound operations.”

He added:

“During 2017, Burgan Bank continued to focus on maximizing returns for shareholders, delivering high quality earnings, operating efficiencies and further improving asset quality and risk profile. Meanwhile, Gulf Insurance Group increased its book value, shareholder equity and gross written premiums. In the media sector, OSN launched its new client-centric strategy, ‘newOSN’, that brings unrivaled quality content at prices that suit everyone. While we see 2018 as another challenging year, we believe in the ability of our Group companies to withstand the external factors affecting their performance and continue to achieve growth.”