Kuwait Projects Co SPC Limited 3rd Quarter Results (3390G)
November 14 2022 - 8:08AM
UK Regulatory
TIDM61DH
RNS Number : 3390G
Kuwait Projects Co SPC Limited
14 November 2022
Immediate Release
KIPCO announces a net profit of KD 5.9 million (US$ 19 million)
for the first nine months of 2022
'Positive Q3 performance from our banking, industrial & real
estate operations' says company's Group CEO
Kuwait City, 14 November 2022: KIPCO - the Kuwait Projects
Company (Holding) - has announced a net profit of KD 5.9 million
(US$ 19 million) for the first nine months of 2022. Earnings per
share for the said period came to 1 fils (US$ 0.32 cents).
For the third quarter of 2022 (the three months ended September
30, 2022), the company reported a net profit of KD 0.5 million (US$
1.6 million).
The decrease in profitability is due to the upward restatement
of the one-off gain from Gulf Insurance Group's acquisition of AXA
in the third quarter of 2021. The reported numbers also reflect the
fluctuation in the overall investment environment in 2022.
Operational revenue for the nine-month period came to KD 507.4
million (US$ 1.6 billion), and operating profit from continued
operations stood at KD 58.5 million (US$ 188.8 million).
KIPCO's consolidated assets for the first nine months of the
year stood at KD 10.3 billion (US$ 33.2 billion), compared to KD
10.2 billion (US$ 32.9 billion) reported at year-end 2021.
Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief
Executive Officer, said:
"Our core operations in the banking, industrial and real estate
sectors have fared well during this quarter. With the completion of
KIPCO's transformative merger with Qurain Petrochemical Industries
in the next few weeks, we are confident that we will report
stronger performance at year-end."
- Ends -
Notes to Editors:
Kuwait Projects Company (Holding) - KIPCO - is a holding company
that focuses on investments in the Middle East and North Africa.
Its strategy of acquiring, building, scaling and selling companies
in the MENA region has worked successfully for over 30 years.
KIPCO's main business sectors are financial services, media,
real estate and industry. KIPCO's financial service interests
include holdings in commercial banks, insurance companies, asset
management and investment banking.
The conversion rate used is US$1 to KD 0.30985
Further information:
Eman Al Awadhi Group Senior Vice President
Corporate Communications & Investor Relations
T: +965 2294 3416
M:+965 6033 6399
Eman.Alawadhi@kipco.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
QRTEADFLFEKAFFA
(END) Dow Jones Newswires
November 14, 2022 08:08 ET (13:08 GMT)
Kuwait Proj.27 (LSE:61DH)
Historical Stock Chart
From May 2024 to Jun 2024
Kuwait Proj.27 (LSE:61DH)
Historical Stock Chart
From Jun 2023 to Jun 2024