Kuwait City – KIPCO announced a net profit of KD 25.2 million (US$ 82.3 million) for the year ended December 31, 2022, an increase of 44 percent over the KD 17.5 million (US$ 57.1 million) reported at the end of 2021.
Earnings per share were up 15 percent over the 6 fils (US$ 2 cents) reported in 2021 to 6.9 fils (US$ 2.3 cents) for 2022.
KIPCO’s total revenue from operations registered a 47 percent increase from KD 721 million (US$ 2.35 billion) in 2021 to KD 1.06 billion (US$ 3.5 billion) in 2022.
Shareholder equity increased 81 percent from KD 325.8 million (US$ 1.1 billion) to KD 590.5 million (US$ 1.9 billion).
KIPCO’s consolidated assets increased 12 percent to KD 11.4 billion (US$ 37.2 billion) at the end of 2022, compared to KD 10.2 billion (US$ 33.3 billion) for the previous year.
“The year 2022 was transformative for KIPCO. With the merger with Qurain Petrochemical Industries now complete, our portfolio has expanded to include new sectors, namely energy, foodstuff, healthcare and logistics,” Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO’s Chief Executive Officer, said. “We have interest in seeking investment opportunities in high growth potential sectors such as foodstuff, healthcare and education, and our portfolio will serve as a launch pad for these efforts and pave the path towards our vision for the future.”
Dana said that in 2023 they would seek to enhance the company’s position and hedge against market volatilities and high interest rates.