NATIONAL
INVESTMENTS COMPANY
ANALYSTS
CONFERENCE
YE 2023
PRESENTED BY
Mr. Almuthana Al Maktoum | Mr. Girish S. Nair | Mr. Bashar Khan |
Executive Vice President | Chief Financial Officer | Executive Vice President |
Wealth Management Sector | Investment Banking Sector |
02
DISCLAIMER
- This presentation has been prepared and issued by National Investments Company ("NIC"), a Public Kuwaiti Shareholding Company based on internally developed data and analysis.
- This presentation does not contain all the information that is considered as material information for the investor and it is provided as information only.
- This presentation does not disclose all the risks and other related issues to an investment in any securities. NIC may not be held liable for any decision made in reliance of this presentation.
- The information contained in this document may be subject to amendments, supplements, revision without prior notice. However, neither the shareholders of the Company nor NIC, undertake any obligation to update, expand, revise or amend any information or correct any inaccuracies contained in this document or provide the recipients with additional information.
- It is not allowed to reproduce (fully or partially), distribute or transmit the information in this presentation to other parties without NIC's prior written consent.
- Past performance presented is not indicative of future results and any forward-looking statements in this document are results of the exercise of subjective assessment and assumptions. There is no guarantee that such statements would be materialized or even occur and NIC has no liability whatsoever as a result of such forward-looking statements therefore, recipients should not rely on such forward- looking statements.
03
CONTENTS
> FINANCIALHIGHLIGHTS | 5 |
> OURSTRATEGYFORTHEFUTURE | 10 |
> Q&A | 14 |
04
FINANCIAL HIGHLIGHTS
YE 2023
YE 2023 | Key Financial Highlights |
Total Income
(KWD mn)
19.9 | |
13.8 | |
2022 | 2023 |
Net Profit
(KWD mn)
8.7 | |
4.1 | |
2022 | 2023 |
EPS
(KWD fils)
11.0 | |
5.2 | |
2022 | 2023 |
Book Value
(KWD fils)
249 | |
217 | |
2022 | 2023 |
AUM
(KWD mn)
1,121 | |
1,049 | |
2022 | 2023 |
Dividend Yield Return on Average Equity Return on Average Assets
6% | 2.2% | 1.7% |
2023 | 2023 | 2023 |
vs 12% 2022 | vs 4.2% 2022 | vs 3.3% 2022 |
Leverage Ratio
30.3%
2023
vs 24.9% 2022
06
YE 2023 | Income Statement Highlights |
ConsolidatedNetProfit saw a 51% decline, primarily due to higher FVTPL loss.
KWD '000s
FVTPL loss
Dividend income
Associate & Joint Venture income
Income `from real estate
Fee income
Other Income
Total income
Administrative expenses Finance costs
Reversal of impairment losses and other provisions Gain on foreign currency translation
Total expenses
Profit for the year before taxation & director fees
Taxation & Director fees
Profit for the year
Attributable to:
Equity holders of the Parent Company
Non-controlling interests (NCI)
Total
EPS (fils)
Other comprehensive income (loss) for the year
Equity holders of the Parent Company
Non-controlling interests (NCI)
Total
Total comprehensive income (loss) for the year
Equity holders of the Parent Company
Non-controlling interests (NCI)
Total
2022 | 2023 | Change |
(3,176) | (5,648) | 78% |
8,528 | 6,816 | -20% |
670 | 1,126 | 68% |
2,424 | 1,266 | -48% |
10,880 | 9,252 | -15% |
605 | 983 | 62% |
19,931 | 13,795 | -31% |
9,361 | 8,787 | -6% |
1,190 | 1,834 | 54% |
30 | (1,316) | -4487% |
(227) | (21) | -91% |
10,354 | 9,284 | -10% |
9,577 | 4,511 | -53% |
(408) | (19) | -95% |
9,169 | 4,492 | -51% |
8,736 | 4,139 | -53% |
433 | 353 | -18% |
9,169 | 4,492 | -51% |
11.0 | 5.2 | -53% |
9,394 | (7,377) | -179% |
75 | 26 | -65% |
9,469 | (7,351) | -178% |
18,130 | (3,238) | -118% |
508 | 379 | -25% |
18,638 | (2,859) | -115% |
Income Drivers
(KWD mn)
19.9
3.7
10.9
8.5
(3.2)
2022
Fee Income Breakdown
(KWD mn)
10.9
2.2
4.5
4.2
2022
13.8
3.3
9.3
6.8
(5.6)
2023
9.3
2.9
3.0
3.4
2023
Other income
Fee income
Dividend income
FVTPL loss
Advisory & Other service fees
Brokerage fees
Management fees
07
YE 2023 | Balance Sheet Highlights |
A robust balance sheet with low leverage
KWD '000s | 2022 | 2023 | Change |
Cash & balances with banks and financial institutions | 32,396 | 20,400 | -37% |
Financial assets at FVTPL | 102,196 | 113,583 | 11% |
Trading properties | 278 | 271 | -3% |
Loans | 341 | 276 | -19% |
Financial assets at FVOCI | 84,065 | 65,254 | -22% |
Investment in associates and joint ventures | 14,160 | 12,579 | -11% |
Investment properties | 28,995 | 29,039 | 0% |
Intangible assets | 1,306 | 1,202 | -8% |
Goodwill | 1,708 | 1,708 | 0% |
Other assets | 5,506 | 4,989 | -9% |
Total assets | 270,951 | 249,301 | -8% |
Bank borrowings | |||
39,003 | 47,413 | 22% | |
Accounts payable and accruals | 14,959 | 10,590 | -29% |
Total liabilities | 53,962 | 58,003 | 7% |
Issued and fully paid-up share capital | |||
79,786 | 79,786 | 0% | |
Share premium | 49,593 | 49,593 | 0% |
Statutory reserve | 11,199 | 11,615 | 4% |
Voluntary reserve | 12,508 | 1,130 | -91% |
Treasury shares | (235) | (235) | 0% |
Treasury shares reserve | 520 | 520 | 0% |
Other reserves | 486 | 486 | 0% |
Foreign currency translation reserve | 557 | 499 | -10% |
Cumulative changes in fair value | 33,462 | 26,000 | -22% |
Retained earnings | 10,939 | 3,866 | -65% |
Equity attributable to equity holders of Parent Company | 198,815 | 173,260 | -13% |
Non-Controlling interests | |||
18,174 | 18,038 | -1% | |
Total equity | 216,989 | 191,298 | -12% |
Total liabilities and equity | 270,951 | 249,301 | -8% |
Asset Breakdown
(KWD mn)
15.3%11.6%
10.8%11.7%
73.9%76.7%
20222023
Equity Breakdown
(KWD mn)
6.5% | 7.6% | |
11.7% | 2.8% | |
15.0% | ||
16.8% | ||
28.6% | ||
24.9% | ||
40.1% | 46.0% | |
2022 | 2023 |
Cash, Goodwill & Other Assets Properties
Investments
Other items
Ret. Earnings & Vol. Reserve
FV Reserve
Share Premium
Share Capital
08
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National Investments Company KSCC published this content on 10 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2024 12:16:05 UTC.