Message from the Group CEO

Dear shareholders,

The year 2022 was transformative for KIPCO. With the merger with Qurain Petrochemical Industries now complete, our portfolio has expanded to include new sectors, namely energy, foodstuff, healthcare and logistics. We have interest in seeking investment opportunities in high growth potential sectors such as foodstuff, healthcare and education, and our portfolio will serve as a launch pad for these efforts and pave the path towards our vision for the future.

During the year, our core companies continued to deliver exceptional performance, thus contributing to our efforts to build an investment holding company that is streamlined, operates efficiently and effectively, and is able to weather through challenges in an ever-changing economic landscape.

Moving into 2023, and as we seek to enhance the company’s position, we must take strict measures and hedge against market volatilities and high interest rates. As such KIPCO’s Board of Directors has recommended not to distribute dividends for the year to protect the best interests of our shareholders. This also ensures that we maintain our credit profile and rating positions and places us in a position of readiness to pursue new investment opportunities that create greater value for
our shareholders.

While we look to the coming year with caution, we are confident that we have put in place the necessary grounds that will allow us to navigate with more efficiency towards a promising and sustainable future.

Best regards,

Dana Naser Sabah Al Ahmad Al Sabah

Group Chief Executive Officer