KIPCO posts KD5.9m net profit for 9 months of ’22 – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

KIPCO posts KD5.9m net profit for 9 months of ’22 – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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KUWAIT CITY, Nov 14: KIPCO – the Kuwait Projects Company (Holding) – has announced a net profit of KD 5.9 million (US$19 million) for the first nine months of 2022. Earnings per share for the said period came to 1 fils (US$ 0.32 cents). For the third quarter of 2022 (the three months ended September 30, 2022), the company reported a net profit of KD 0.5 million (US$1.6 million).

The decrease in profitability is due to the upward restatement of the one-off gain from Gulf Insurance Group’s acquisition of AXA in the third quarter of 2021. The reported numbers also reflect the fluctuation in the overall investment environment in 2022. Operational revenue for the nine month period came to KD 507.4 million (US$ 1.6 billion), and operating profit from continued operations stood at KD 58.5 million (US$ 188.8 million).