15-05-2025
KIPCO reports a net profit of KD 5.1mln ($16.5mln) for Q1 2025
Kuwait City: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 5.1 million (US$ 16.5 million) for the first three months of 2025. Earnings per share for the first quarter of 2025 were 0.7 fils (US$ 0.2 cents).
The decrease in KIPCO's overall net profit from KD 5.8 million (US$ 18.8 million) reported in the first quarter of 2024 is mainly attributed to the increase in credit provisions at banking subsidiaries.
In the first three months of 2025, operating profit increased 15% to KD 50.3 million (US$ 163.1 million) from KD 43.7 million (US$ 141.7 million) reported for the same period last year. The increase reflects the enhanced performance of our banking business, petrochemical services and logistics.
In the first quarter of the year, KIPCO's total revenue from operations came to KD 383.6 million (US$ 1.24 billion), an increase of 9% from the KD 351.8 million (US$ 1.14 billion) reported in the corresponding period of 2024. Shareholders equity went up 1.1% to KD 641.0 million (US$ 2.08 billion) compared to KD 633.9 million (US$ 2.06 billion) at the end of 2024.
KIPCO's consolidated assets came to KD 13.3 billion (US$ 43.1 billion) at the end of the first three months of 2025, up from the KD 13.0 billion (US$ 42.1 billion) reported at the end of 2024.
Commenting on the results, Sheikha Dana Naser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief Executive Officer, said:
'In our recent Annual General Meeting, we underscored our commitment to achieve stable and growing positive cashflows through ensuring future sustainable dividend distributions from our businesses. The results for the first quarter of 2025 reflect KIPCO's continued efforts ensure sustainable growth through the streamlining of operations, enhancing the performance of portfolio companies and strengthening the holding company's capital structure as we continue to focus on creating greater value for our shareholders.'
About Kuwait Projects Company (Holding) – KIPCO
Kuwait Projects Company (Holding) – KIPCO – is a holding company that invests in the Middle East and North Africa. Its strategy of acquiring, building, scaling and selling companies in the MENA region has worked successfully for 35 years.
KIPCO's main business sectors are financial services, food, petrochemicals & oil services, media, real estate and education. It's financial service interests include commercial banking, asset management and investment banking.
*The conversion rate used is US$1 to KD 0.30845
Further information:
Eman Al Awadhi
Group Senior Vice President
Corporate Communications & Investor Relations
Meshari Al Duhaim
Senior Manager
Corporate Communications & Investor Relations
