Latest news with #SheikhaDanaNaserSabahAlAhmadAlSabah
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
14-02-2025
- Business
- Zawya
JKB Group achieves over $273mln net profit in financial results for 2024
Jordan Kuwait Bank (JKB) announced its financial results for 2024, demonstrating significant growth across various financial indicators. The bank recorded a notable increase in net profits, reaching JOD 194.3 million (KD 84.4 million), reflecting a rise of 115.8 % compared to the previous year. These strong results highlight the group's robust financial position and extensive presence through a network of more than 60 branches across the Hashemite Kingdom of Jordan, in addition to a branch in Cyprus. The bank also holds ownership stakes in several companies within Jordan and abroad, including full ownership of Ejara Leasing Company, a 78.3% stake in United Financial Investments Company, a 53.4% shareholding in the Bank of Baghdad in Iraq. According to the consolidated financial statements, the group achieved growth in total asset value to reach JOD 5.6 billion (KD 2.4 billion), an increase of 7.3% over the previous year, while equity rose to JOD 886.1 million (KD 385 million) by the end of the fourth quarter of 2024, marking a growth of 21.8%. Deposits and cash insurance saw a growth of 7.3% to reach JOD 4.1 billion (KD 1.8 billion), while the total value of granted credit facilities amounted to JOD 2 billion (KD 870 million). In light of these preliminary financial results, which are subject to the approval of the Central Bank of Jordan, the board of directors of Jordan Kuwait Bank has recommended a cash dividend distribution of 12% to shareholders for the year 2024. Commenting on these results, Sheikha Dana Naser Sabah Al Ahmad Al Sabah, Chairperson of the Bank's Board of Directors, expressed her deep appreciation to the bank's customers and shareholders for their continued trust. She also extended gratitude to the regulatory authorities in Jordan, Iraq, and Cyprus for their ongoing support of the bank and its subsidiaries. She praised the Board of Directors, Executive Management and employees for their outstanding performance, which has propelled the group to its prestigious position. She emphasized that the bank's comprehensive strategy — encompassing banking, investment, technology, and administration — was a key driver in achieving these impressive results. Meanwhile, the Bank's CEO, Mr Haethum Buttikhi, affirmed that the exceptional achieved figures and high growth rate were accompanied by the bank's strong financial position. He highlighted that JKB maintained its solid regulatory capital adequacy, which stood at 20.7% and successfully increased all provision ratios corresponding to credit exposures, ensuring resilience against potential risks. Mr Al Buttikhi concluded by commending the efforts of the Central Bank of Jordan, under the leadership of Governor Dr Adel Sharkas, for its continued support of the Jordanian banking sector. He credited the Central Bank's prudent policies and forward-looking vision as instrumental in the sector's progress and stability. Additionally, he expressed appreciation to the Securities Commission, the Amman Stock Exchange, and all regulatory authorities in Jordan and Iraq for their collaboration and support. He also extended his gratitude to the bank's customers and shareholders for their trust, as well as to the bank's administrators and employees for their dedication and hard work in serving the institution. © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Zawya
13-02-2025
- Business
- Zawya
JKB Group achieves outstanding financial results for 2024, with JOD 194.3mln (KD 84.4mln) net profit
Kuwait City: Jordan Kuwait Bank (JKB) announced its financial results for 2024, demonstrating significant growth across various financial indicators. The bank recorded a notable increase in net profits, reaching JOD 194.3 million (KD 84.4 million), reflecting a rise of 115.8 % compared to the previous year. These strong results highlight the group's robust financial position and extensive presence through a network of more than 60 branches across the Hashemite Kingdom of Jordan, in addition to a branch in Cyprus. The bank also holds ownership stakes in several companies within Jordan and abroad, including full ownership of Ejara Leasing Company, a 78.3% stake in United Financial Investments Company, a 53.4% shareholding in the Bank of Baghdad in Iraq. According to the consolidated financial statements, the group achieved growth in total asset value to reach JOD 5.6 billion (KD 2.4 billion), an increase of 7.3% over the previous year, while equity rose to JOD 886.1 million (KD 385 million) by the end of the fourth quarter of 2024, marking a growth of 21.8%. Deposits and cash insurance saw a growth of 7.3% to reach JOD 4.1 billion (KD 1.8 billion), while the total value of granted credit facilities amounted to JOD 2 billion (KD 870 million). In light of these preliminary financial results, which are subject to the approval of the Central Bank of Jordan, the board of directors of Jordan Kuwait Bank has recommended a cash dividend distribution of 12% to shareholders for the year 2024. Commenting on these results, Sheikha Dana Naser Sabah Al Ahmad Al Sabah, Chairperson of the Bank's Board of Directors, expressed her deep appreciation to the bank's customers and shareholders for their continued trust. She also extended gratitude to the regulatory authorities in Jordan, Iraq, and Cyprus for their ongoing support of the bank and its subsidiaries. She praised the Board of Directors, Executive Management and employees for their outstanding performance, which has propelled the group to its prestigious position. She emphasized that the bank's comprehensive strategy — encompassing banking, investment, technology, and administration — was a key driver in achieving these impressive results. Meanwhile, the Bank's CEO, Mr Haethum Buttikhi, affirmed that the exceptional achieved figures and high growth rate were accompanied by the bank's strong financial position. He highlighted that JKB maintained its solid regulatory capital adequacy, which stood at 20.7% and successfully increased all provision ratios corresponding to credit exposures, ensuring resilience against potential risks. Mr Al Buttikhi concluded by commending the efforts of the Central Bank of Jordan, under the leadership of Governor Dr Adel Sharkas, for its continued support of the Jordanian banking sector. He credited the Central Bank's prudent policies and forward-looking vision as instrumental in the sector's progress and stability. Additionally, he expressed appreciation to the Securities Commission, the Amman Stock Exchange, and all regulatory authorities in Jordan and Iraq for their collaboration and support. He also extended his gratitude to the bank's customers and shareholders for their trust, as well as to the bank's administrators and employees for their dedication and hard work in serving the institution. -Ends- 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 over 30 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
