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Kuwait Times
16-05-2025
- Business
- Kuwait Times
KIPCO reports net profit of KD 5.1 million for Q1 2025
KIPCO reports net profit of KD 5.1 million for Q1 2025 'We remain focused on creating greater value for our stakeholders' says company's Group CEO KUWAIT: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 5.1 million ($ 16.5million) for the first three months of 2025. Earnings per share for the first quarter of 2025 were 0.7fils ($0.2 cents). The decrease in KIPCO's overall net profit from KD 5.8 million ($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 percent to KD 50.3 million ($163.1 million) from KD 43.7million ($141.7million) 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 383.6million ($1.24 billion), an increase of 9 percent from the KD351.8 million ($1.14billion) reported in the corresponding period of 2024. Shareholders equity went up 1.1 percent to KD 641.0million ($2.08 billion) compared to KD 633.9million ($2.06 billion) at the end of 2024. KIPCO's consolidated assets came to KD 13.3 billion ($43.1 billion) at the end of the first three months of 2025, up from the KD 13.0 billion ($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.'
Zawya
01-05-2025
- Business
- Zawya
KIPCO focuses on growth across companies and wealth creation for shareholders
Kuwait City: KIPCO – Kuwait Projects Company (Holding) – held its Annual General Assembly, chaired by the company's Vice Chairman, Sheikh Abdullah Naser Sabah Al Ahmad Al Sabah. The AGM approved all items on the agenda. KIPCO's Group Chief Executive Officer, Sheikha Dana Naser Sabah Al Ahmad Al Sabah, gave a presentation following the AGM in which she highlighted the achievements of 2024 and gave an outlook for 2025. Strategic Priorities Sheikha Dana Naser Al Sabah outlined KIPCO's strategic journey since 2022, stating: 'In 2022, we embarked on a strategic journey aimed at paving the way for sustainable growth and long-term value creation. As we focus on growth across our companies, we believe that we have positioned KIPCO as a future-ready holding company that is ready to harness synergies and identify new business opportunities.' The first of the three phases of KIPCO's strategic journey was to conduct a comprehensive assessment of KIPCO's portfolio, engagement model and capital structure. This was followed by the second phase, which is ongoing and involves targeted reforms to strengthen the creation of value for shareholders through stronger engagement with subsidiaries, transformative mergers and acquisitions, consolidation, divestments and ownership reorganization. The third phase is to focus on growth, whether within the portfolio or through entering new markets, sectors or partnerships. Geographic Footprint KIPCO's Group CEO noted that the company believes in rising potential and boundless opportunities in the MENA region, with 65% of its assets in Kuwait and countries of the Gulf Cooperation Council. Despite the shifting global dynamics and instability in the MENA region, there remains strategic advantages for businesses across various sectors. Liability Management Sheikha Dana Naser Al Sabah noted that KIPCO's strategic journey involved efforts to proactively manage liabilities to strengthen the company's capital structure. Total repayments and/or exchanges of EMTNs and bonds in 2023 and 2024 reached a total of US$ 1.15 billion. In 2024, the company also fully repaid its US$ 525 million syndicated facility nearly one year ahead of its maturity date. These efforts underscore KIPCO's prudent approach to liquidity and proactive approach to liability management. KIPCO's 2024 Results KIPCO's strategy has strengthened the company's financial performance. In 2024, total revenue increased 16.4% to KD 1.5 billion, net profit stood at KD 15.6 million, total assets were up 3.7% to KD 13.0 billion, shareholders' equity rose 3.7% to KD 633.9 million and book value increased 3.7% to 139 fils per share. Portfolio companies reflected growth across different indices, reflecting the efforts to enhance their performance throughout 2024. Major Transactions Sheikha Dana Naser Al Sabah highlighted Burgan Bank's acquisition of 100% of Bahrain-based United Gulf Bank from United Gulf Holding. The acquisition gives Burgan Bank access to an Islamic banking window, as well as expansion into the GCC markets, namely Bahrain, Saudi Arabia and the UAE. It will also allow for the integration of asset and wealth management services, resulting in greater synergies and cross-selling. The Group CEO spoke of developments at OSN, emphasizing Warner Bros. Discovery's (WBD) 30% strategic investment in OSN Streaming Ltd. She said: 'The deal is a global endorsement by a best-in-class international strategic investor of OSN's creative talent, advanced technology and market position. The strategic impact of the acquisition covers synergies of content growth, including the production of local content to cater to audiences in the MENA region, as well as solidifying the position of OSN+ as a market leader in the streaming entertainment business.' Digital Transformation KIPCO's Group CEO underscored the importance of digital transformation and its application across all businesses to enhance overall performance and fuel growth. In its third year, Burgan Bank Turkey's digital banking platform, ON, has gained one million subscribers, with a market share of 5.2%. ON's digital optimization propelled its market share of vehicle loans to 6.9% among private banks in Turkey. As for OSN+ and Anghami, both the mobile and television applications have been revamped and 4K and Dolby Atmos features were introduced. User experience, search and recommendations have also been enhanced. Our Focus In closing, Sheikha Dana Naser Al Sabah talked about KIPCO's focus for the coming years, as it continues its journey of growth. She said: 'Our primary target in the coming years will be to continue to enhance wealth creation for our shareholders. We are executing this through three focused tracks, the first of which is deleveraging and selective asset monetization. The second area of focus is enhancing the financial and operating performance of our key companies to reach double digit growth in revenues and net profits. Finally, we will continue to strive for stable and growing positive cashflows from sustainable dividend distribution and growth of our key businesses.' Notes to Editors: 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 over 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 0.30805 Further information: Eman Al Awadhi Group Senior Vice President Corporate Communications & Investor Relations Meshari Al Duhaim Senior Manager Corporate Communications & Investor Relations
Zawya
21-04-2025
- Business
- Zawya
KIPCO renews its partnership with Loyac for third year
Kuwait City: KIPCO – Kuwait Projects Company (Holding) – announced the renewal of its partnership with Loyac, a non-profit organization that aims to empower youth to become impactful leaders in society, for the third consecutive year. The partnership allows KIPCO to continue to sponsor the '7 Habits for Highly Effective Teens' program sessions offered to young people between the ages of 12 and 18. The '7 Habits' is a Franklin Covey Education program. The goals of this life empowerment program include increasing self confidence and self-esteem, being responsible, defining one's values, recognizing and prioritizing goals and resisting peer pressure. As part of the partnership, KIPCO will also sponsor a 'Leadership Retreat' for teenagers to the UK at the end of the year. The retreat will incorporate the '7 Habits' workshop, together with activities that reinforce teamwork and leadership, fostering personal independence and building connections with peers. Ms Eman Al Awadhi, KIPCO's Group Senior Vice President – Corporate Communications and Investor Relations, said: 'Our ongoing collaboration with Loyac has continued to yield impactful results for youth leadership development. Over the past year, we have collectively inspired and equipped close to 150 young individuals to realize their potential. We are excited to extend our partnership for yet another year, with a renewed commitment to not only developing future leaders but also placing an increased emphasis on empowering young girls and fostering inclusive opportunities. Together, we aim to create a brighter future where every young person can thrive.' On her part, Ms Abeer Al Essa, Loyac's Executive Board Member and the Finance & Admin Manager, said: 'We are thrilled to renew our partnership with KIPCO for another year, as we continue our shared mission of empowering young people and cultivating the leaders of tomorrow. Building on the successes of our previous initiatives, we remain dedicated to the principles of the '7 Habits of Highly Effective People', which guide our training and development efforts. Together with KIPCO, we look forward to making a lasting impact on the lives of young leaders in our community.' During 2024, close to 150 teens, college students and community workers who support young people have had the opportunity to participate in the '7 Habits' program. The '7 Habits' workshops focus on habits of effectiveness in young people, with the objective of improving student performance, reducing conflicts, enhancing cooperation and teamwork. It also helps the participants develop new skills through tools that help each individual excel.
Zawya
27-03-2025
- Business
- Zawya
KIPCO reports a net profit of KD 15.65mln ($50.8mln) in 2024
Kuwait City: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 15.65 million (US$ 50.80 million) for the year ended December 31, 2024. Earnings per share for 2024 stood at 1.8 fils (US$ 0.58 cents). Operational profit increased 13.17% from KD 156.65 million (US$ 508.52 million) in 2023 to KD 177.28 million (US$ 575.49 million) in 2024. The increase reflects the enhanced performance of businesses across the KIPCO Group, in particular the growth reported by the banking, foodstuff and petrochemical services sectors. The reduction in KIPCO's overall net profit from KD 30.0 million (US$ 97.39 million) reported in 2023 is due to the one-off gain from the sale of the company's stake in Gulf Insurance Group, which was reflected in the last quarter of the previous year's financial statements. In 2024, KIPCO's total revenue from operations registered an increase of 16.41% from KD 1.28 billion (US$ 4.16 billion) in 2023 to KD 1.49 billion (US$ 4.84 billion) in 2024. Shareholder equity went up 3.71% to KD 633.87 million (US$ 2.06 billion) compared to KD 611.17 million (US$ 1.98 billion) in 2023. At year-end, KIPCO's consolidated assets increased 5.28% to KD 12.97 billion (US$ 42.10 billion), compared to KD 12.32 billion (US$ 39.99 billion) at the end of 2023. Commenting on the results, Sheikha Dana Naser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief Executive Officer, said: 'The results reported for 2024 reflect the continued success of the company's strategy to preserve and grow stakeholders' value by enhancing the performance of our portfolio investments and achieving sectoral balance in our portfolio. These efforts have resulted in enhanced performance across our major businesses, including banking, financial services, foodstuff, petrochemical and logistic services. The positive performance of our operating companies lays down a solid base for KIPCO's future outlook and strengthens its financial position.' KIPCO adopts a prudent approach to liquidity and proactive liability management, which adds to the company's financial strength and efficiency in managing its debt and financing portfolio. The company's total repayments and/or exchanges of EMTNs and bonds in 2023 and 2024 came to US$ 1.15 billion. This is in addition to the full pre-payment of the US$ 525 million syndicated facility nearly one year ahead of its first maturity. -Ends- About 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 over 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 0.30805 Further information: Eman Al Awadhi Group Senior Vice President Corporate Communications & Investor Relations Meshari Al Duhaim Senior Manager Corporate Communications & Investor Relations
Zawya
23-02-2025
- Business
- Zawya
KIPCO Group supports innovation & entrepreneurship through ‘The Shark Vision' at AUK
Kuwait City: KIPCO – Kuwait Projects Company (Holding) – and its Group companies were the title sponsors of 'The Shark Vision: Empowering Innovation, Inspiring Entrepreneurs, Transforming Investments'. The event was organized by the Center of Continuing Education (CCE) at the American University of Kuwait (AUK) and featured Mr Ahmed Tarek Khalil, the renowned investor and entrepreneur from Shark Tank Egypt. Alongside KIPCO, the event was supported by Burgan Bank, United Real Estate Company (URC), Kamco Invest, National Petroleum Services Company (NAPESCO), Advanced Technology Company (ATC) and JTC Logistics. The Group's support of the event stems from its commitment to fostering education and innovation, and the recognition of AUK as a vital contributor to the country's educational landscape. The day-long event saw the participation of 200 representatives of the private sector. In his keynote speech, Mr Khalil spoke about the importance of entrepreneurship and leadership for societal advancement. This was followed by two panel discussions titled 'Entrepreneurship in a Changing World: Challenges & Opportunities' and 'The Role of Technology and Innovation in Modern Business'. The latter panel saw the participation of Mr Omar Khalifouh, Deputy General Manager of Digital Transformation at Burgan Bank. Speaking on this occasion, Ms Eman Al Awadhi, KIPCO's Group Senior Vice President, Corporate Communications & Investor Relations, said: 'KIPCO's support of this event reflects its unwavering commitment to enhancing entrepreneurship and driving economic development in line with its vision, which places innovation and sustainability at the core of its strategy. We firmly believe that education is the bedrock of entrepreneurship. By equipping individuals with the skills and knowledge they need, we empower them to turn their ideas into successful ventures. This is crucial for building a more advanced and impactful business ecosystem in Kuwait and the region.' - Ends - About: 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 over 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. Further information: Eman Al Awadhi Group Senior Vice President Corporate Communications & Investor Relations Meshari Al Duhaim Senior Manager Corporate Communications & Investor Relations
