- Sheikha Adana Nasser Sabah Al-Ahmad: The group companies have overcome difficult circumstances and achieved good growth
- We look at 2022 as the year of transformation… after announcing our intention to merge with Qurain Petrochemicals
The Kuwait Projects Company (KIPCO) announced its results for the fiscal year ending on December 31, 2021, where it achieved a net profit of 7.2 million dinars, compared to a profit of 1.1 million dinars in the data that was re-listed for the year 2020, and earnings per share during the past year amounted to 0.7 fils.
The company stated in a press statement that the board of directors recommended distributing cash dividends at a rate of 5% for last year, equivalent to 5 fils per share, a recommendation that is subject to the approval of the general assembly of the company’s shareholders and regulatory authorities.
It indicated that the total revenues from operations during 2021 amounted to 711 million dinars, compared to 724 million dinars in the data that was re-listed in 2020, while the total consolidated assets stabilized at the end of last year at 10.2 billion dinars, compared to 10.4 billion dinars as in end of 2020.
In this context, Sheikha Adana Nasser Sabah Al-Ahmad, Group CEO of Projects Company, said: “The main group companies were able to overcome the difficult conditions that we have known during the past two years and succeeded in achieving good growth in 2021.”
She added: “Our activities in the banking sector recorded a positive performance, while the group’s revenues from the insurance sector achieved an increase after the completion of the acquisition of AXA’s operations in the Gulf region. Real estate operations also improved after being affected by the spread of the Corona virus epidemic.
She concluded her speech by saying: “We look at 2022 as the year of transformation, after announcing our intention to merge with Qurain Petrochemical Industries Company, where the due diligence process is in full swing, and we believe that this merger will lead to the formation of a stronger investment holding company that has the ability to support its operations. Investing in new sectors and creating greater value for all shareholders.