KUWAIT PROJECTS COMPANY HOLDING K.S.C.P. gt,,·.-,,KIPCO
Ref: KIPCO/DGCEO 126/23 dated November 20, 2023
Boursa Kuwait Company KUWAIT
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Subject Conducting KIPCO's Analyst/Investor | |
Conference call for Q3/2023 | |
With reference to the above subject, and the | |
requirements of article No. (2-4-8) "Continuing | |
Obligations in the Premier Market" of Boursa | |
Kuwait rule book issued via resolution No. | 1) of |
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year 2018, and since KIPCO has been classified in | |
the premier market, Kindly note that the | |
analyst/investor conference was conducted through | |
a conference call at2:00 PM {local time) on Monday | |
20/11/2023. | |
Kindly note that no material information has been | |
discussed during the conference. Please | find |
attached the investors' presentation for Q3-2023. | |
Sincerely, |
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·- KIPCO
Samer Khanachet
Deputy Group Chief Executive Officer
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Kuwait Proiects Company (Holdlng) K.S.C.P. | Ii | +965 2244 4356 | �rPJUJ--' 504,847,626.900 |
23118 !J:?-1I (>BJ | ill | kipco@kipco.com | Authorized, Issued and Paid up |
Commerc:al re1,ister: 23118 | 0 | www.kipco.com | Capi�ai: KD 504,847,626.900 |
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KIPCO Tower, Sharq, Kuwait City P.O. Box 23982 Safat, 13100 Kuwait
KIPCO Q3 2023 INVESTOR CALL
November 2023
Disclaimer
Kuwait Projects Company (Holding)
Q3 2023 Investor Call
This presentation has been made for informational purposes and does not involve an invitation to subscribe to, purchase, or sell any security.
No warranty is given on the accuracy or completeness of the information in this presentation. Independent research is recommended to evaluate and assess the business and financial condition of KIPCO.
This presentation may contain forward-looking statements. These statements may be identified by such words as "may," "plans," "expects," "believes," and similar expressions or by their context. These statements are made based on current knowledge and assumptions. Various factors could cause future results, performance, or events to differ materially from those described in these statements. No obligation should be assumed to update any forward-looking statements.
By participating in this presentation or accepting any copy of the presentation slides, you agree to abide by the foregoing limitations.
Financial figures in this presentation have been rounded and converted to United States Dollars (US$) using the following exchange rates:
- US$ to Kuwaiti Dinar - (US$/KD) 0.30905
- US$ to Saudi Riyal - (US$/SAR) 3.7512
- US$ to Jordanian Dinar - (US$/JD) 0.708
Kuwait Projects Company (Holding)
Q3 2023 Investor Call
HIGHLIGHTS FOR
THE PERIOD
Recent business highlights
95% | ❖ Positive performance driven by foreign banking operations, |
Net profit | foodstuff, logistics and oil field services |
- In July, KIPCO successfully completed its debut KD denominated Sukuk issuance worth US$ 335.8 million, under the company's US$ 2 billion Trust Certificate Issuance Program
- US$ 330 million partial prepayment of the US$ 525 million syndicated facility
- In November, KIPCO repaid remaining portion of its 5-year KD bond amounting to US$ 92.2 million.
- In September, KIPCO published its 2022 Sustainability Report which included the company's ESG Strategy.
Kuwait Projects Company (Holding)
Q3 2023 Investor Call
4
Kuwait Projects Company (Holding)
Q3 2023 Investor Call
Financial highlights
Revenue | Net profit (1) | Total assets | |||||
(US$ billion) | (US$ million) | (US$ billion) | |||||
1.6 | 3.0 | 19.4 | 37.9 | 36.9 | 38.5 |
88% | 95% | 4% |
9M 2022 9M 2023 | 9M 2022 9M 2023 | YE 2022 9M 2023 |
5 | |
(1) Attributable to the equity holders of the company | |
Note: 2022 Financials has been restated. |
9M 2023 income breakdown
Kuwait Projects Company (Holding)
Q3 2023 Investor Call
Interest income
(US$ billion)
0.83 1.3
57%
9M 2022 | 9M 2023 |
Hospitality and real estate income
(US$ million)
212.1 191.9
10%
9M 2022 | 9M 2023 |
Fee & commission income
(US$ million)
152.4 225.1
48%
9M 2022 | 9M 2023 |
Energy income (1)
(US$ million)
1.3 103.7
9M 2022 | 9M 2023 |
Media & digital satellite network
(US$ million)
201.3 193.6
4%
9M 2022 | 9M 2023 |
Industrial & logistics income (1)
(US$ million)
21.0 678.0
9M 2022 | 9M 2023 |
6 | ||
(1) | Include new companies that have been added to the consolidated financial statements in Q4 2022 post the merger with Qurain Petrochemical Industries Company. | |
Kuwait Projects Company (Holding)
Q3 2023 Investor Call
PORTFOLIO
FINANCIAL
PERFORMANCE
Burgan Bank Group
Kuwait Projects Company (Holding)
Q3 2023 Investor Call
Operating income (1)
(US$ million)
537.2 629.8
17%
9M 2022 | ||
9M 2023 |
Loans & deposits
(US$ billion)
13.7 | 12.7 | 13.4 14.3 |
2%
Loans
13%
Deposits
2022 | 9M 2023 |
Net income (2)
(US$ million)
133.5 97.5
27%
9M 2022 | 9M 2023 |
Key ratios
9M 2022 | 9M 2023 | |
Net interest margin% | 2.3% | 1.9% |
Cost to income% | 45.5% | 43.8% |
Cost of credit% | 0.4% | 0.2% |
Non-performing | 2.6% | 2.0% |
loans ratio% | ||
Provisions coverage | 153% | 215% |
ratio% | ||
- Higher revenues driven by strong increase in non- interest income of US$ 336 million
- Growth in operating income reflects improving operating efficiencies despite investment in digital & tech infrastructure
- Decrease in net income primarily attributed to increase in provisions and hyperinflation-related monetary loss in Turkish subsidiary
8 | ||
(1) | Total Operating income = Kuwait + Regional + Consolidated adjustments andothers | |
- Attributable to the equity holders of the bank
Jordan Kuwait Bank
Total income
(US$ million)
145.3 272.6
88%
9M 2022 | 9M 2023 |
Loans & deposits
(US$ billion)
2.7 | 3.4 | 2.9 | 4.9 | 7% |
Loans
44%
Deposits
2022 | 9M 2023 |
Net profit (1)
(US$ million)
16.0 72.6
354%
9M 2022 | 9M 2023 |
Total assets
(US$ billion)
5.0 7.2
44%
2022 | 9M 2023 |
Kuwait Projects Company (Holding)
Q3 2023 Investor Call
- In October, the bank successfully sold 66.97% of UAE-based BHM Capital Financial Services to Ethmar International Holding for JOD 30.6 million (US$ 43.2 million). JKB retained a 10% stake in BHM Capital.
9 | ||
(1) | Attributable to the equity holders of the company | |
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Kuwait Projects Company (Holding) KSC published this content on 21 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2023 05:03:03 UTC.
