KIPCO reports net profit of KD 5.1 million for Q1 2025

16/05/2025 04:16 AST

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."

Kuwait Times