Immediate Release

KIPCO announces a net profit of KD 16.5 million (US$ 54.7 million) for the first nine months of 2021

'Business environment shows recovery & core businesses are reporting positive results' says company's Vice Chairman

Kuwait City, 7 November 2021: KIPCO - the Kuwait Projects Company (Holding) - has announced a net profit of KD 16.5 million (US$ 54.7 million) for the first nine months of 2021, an increase of 43 per cent compared to KD 11.5 million (US$ 38.1 million) reported for the same period of 2020, after restatement.

For the third quarter (the three months ended September 30, 2021), the company recorded a net profit of KD 13.3 million (US$ 44.1 million) compared to KD 2.3 million (US$ 7.6 million) reported for the same period in 2020.

The company also reported a 9 per cent increase in its total operating profit during the first nine months of 2021, at KD 94.2 million (US$ 312.2 million), from KD 86.3 million (US$ 286.1 million) reported for the same period in 2020.

KIPCO's consolidated assets for the first nine months of the year stood at KD 10.1 billion (US$ 33.5 billion), compared to KD 10.4 billion (US$ 34.5 billion) reported at year-end 2020.

Mr Faisal Al Ayyar, KIPCO's Vice Chairman (Executive), said:

"At our 2021 Shafafiyah Investors' Forum, we said we would remain guarded in our approach as the pandemic continued to unfold. While world economies will continue to be challenged as they return to pre-COVID levels, we believe that the worst is behind us. As the business environment shows some recovery, our core businesses, namely the financial services, continue to report positive numbers this quarter."

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Notes to Editors:

The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 33.5 billion as at 30 September 2021. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group's main business sectors are financial services, media, real estate, manufacturing and education.

The conversion rate used is US$1 to KD 0.30165

Further information:                            

Eman Al Awadhi                Group Communications Director

Corporate Communications Department

T: +965 2294 3416

                                      M:+965 6033 6399

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