KIPCO reports KD 5.84 million (US$ 19 million) in net profit for Q1 2024

KIPCO reports KD 5.84 million (US$ 19 million) in net profit for Q1 2024

Sheikha Dana Naser Al Sabah, CEO, KIPCO GROUP Kuwait City, May 14: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 5.84 million (US$ 19.0 million) for the first three months of 2024. This represents a 14% increase over the KD 5.12 million (US$ 16.7 million) reported in the corresponding period …

Sheikha Dana Naser Al Sabah, CEO, KIPCO GROUP

Kuwait City, May 14: KIPCO – Kuwait Projects Company (Holding) – announced a net profit of KD 5.84 million (US$ 19.0 million) for the first three months of 2024. This represents a 14% increase over the KD 5.12 million (US$ 16.7 million) reported in the corresponding period of 2023.

Earnings per share for the first quarter (the three months ended March 31, 2024) increased by 9% to 1.2 fils (US$ 0.39 cents) compared to 1.1 fils (US$ 0.36 cents) for the same period last year.

In the first quarter, KIPCO’s consolidated revenue came to KD 352 million (US$ 1.14 billion), an increase of 14% over the KD 309.3 million (US$ 1.0 billion) reported for the same period in 2023.

KIPCO’s consolidated assets came to KD 12.51 billion (US$ 40.7 billion) at the end of the first three months of 2024, up