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7 million Kuwaiti Dinars in net profits for “Kuwait Investment Company"

Feb-20-2024

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For the Financial year ending December 31, 2023

7 million Kuwaiti Dinars in net profits for “Kuwait Investment Company"

 

Youssef Al-Ali:

  • ? The strength of Kuwait Investment Company's financial statements thanks to the strength of its financial position and the flexibility of its business model
  • ? A balanced risk model and a thoughtful ability to anticipate the future of investment

 

Fawaz AL-Ahmad:

  • ? Positive results reflect the company's ability to continue employing its resources to achieve the highest possible returns
  • ? Kuwait Investment Company maintained its policy towards diversifying and restructuring revenues.

The Kuwait Investment Company announced its financial statements for the fiscal year ending on December 31, 2023, where net profits amounted to 7,026 million dinars, registering a growth of 1,068% compared to 602 thousand dinars for 2022.

Earnings per share for 2023 jumped to 13.4 fils, compared to earnings per share of 1.1 fils recorded for 2022.

The company recorded operating revenues of 27.9 million dinars, a growth of 37% compared to the same period in 2022, during which it achieved 20.4 million dinars.

Kuwait Investment Company attributed the increase in its net profits for the year 2023 to the increase in its operating profits for this period, in addition to the company's disciplined financial and investment performance and its ability to seize opportunities.

The equity of Kuwait Investment Company shareholders increased for the year 2023 to 115.9 million dinars, compared to 113.7 million dinars at the end of December 2022.

The Board of Directors recommended distributing cash dividends to shareholders at the rate of 10% for the financial year ending on December 31, 2023, after obtaining the approval of the General Assembly expected to take place next March.

For his part, Chairman of the Board of Directors, Dr. Yousef Al-Ali, said that the strength of the financial statements announced by “Kuwait Investment Company" for the year 2023 is due to the strength of its financial position and the flexibility of its business model against shocks that occurred in the markets locally and regionally, in addition to the diversity of activities that include direct investment / Real Estate Investment / Institutional Financing / Asset Management / Investment in Portfolios and Investment Funds / Online Trading.

Al-Ali added: “During 2023, Kuwait Investment Company was able to confront the repercussions of the economic and financial conditions globally and locally, driven by an advanced strategy that kept pace with the risks of changes that occurred in the markets, to the extent that it was crowned with the “Best Investment Firm - Kuwait 2023" award from International Finance magazine."

Al-Ali stated that what strengthened the ability of “Kuwait Investment Company" and its investment position as a leading company was the weighted risk model it adopted and the studied ability to anticipate the future of investment, while targeting sustainable profit rates, reinforced by the specific geographical spread of its activities and markets, covering more than a local/regional/global geographical scope. With the diversification of its investments with working mechanisms that formed protective shields in the face of the strong and sudden bumps that the markets were exposed to - and are being exposed to - this confirms the solidity of its financial position and the flexibility of its business model capable of adapting to various challenges.

Al-Ali revealed that the company relies in its 2024 strategy on giving priority to qualitative strategic partnerships, providing investment solutions specifically designed for clients, and achieving lucrative returns for shareholders, while continuing to support the company's human cadres with advanced training programs to enhance their skills and expertise so that it reflects positively on their competencies in dealing with potential transformations in the investment sector.

Al-Ali thanked the Board of Directors of Kuwait Investment Company, its executive management, and all its employees for their exceptional efforts made in 2023 to consolidate the company's financial and investment position. He also thanked the officials of the Capital Markets Authority for their role in developing the local market system.

Sustainable profits

For his part, CEO Fawaz Al-Ahmad said that despite the many variables that shaped the performance of companies listed on the stock exchange in 2023 and the challenges and complexities of economic, financial and geopolitical trends, Kuwait Investment Company succeeded in recording growth and good operational performance, which strengthened its efforts in maintaining sustainable returns and profits for shareholders. Thanks to the executive strategy that was flexible in the face of risks and shifts in markets and sectors.

Al-Ahmad added that during the past year, Kuwait Investment Company continued to achieve the planned goals and achievements, thanks to the solidity of its financial foundations, capital strength and the adequacy of its reserves on which its vision and strategy are based, framed by governance and profitability at the same time.

Al-Ahmad pointed out that the results of “Kuwait Investment Company" for the year 2023 clearly indicate the solid financial position that the company enjoys, and its ability to continue managing and employing its resources in a way that achieves the highest possible returns.

Al-Ahmad stated that Kuwait Investment Company plans to take advantage of the opportunities available to it, adopt sustainable investment practices, and expand its global scope with a focus on market expectations and prospects, which allows improving the investment portfolios managed by the company and providing ideal financial returns to its shareholders.

Foreign investments

Al-Ahmad emphasized that thanks to the development of Kuwait Investment Company's business model in terms of applying international standards and principles in the investment sector, the company was able to adapt to market transformations, which made it more capable and experienced in anticipating the future and accurately analyzing market data, enhanced by professional cooperation with industry experts.

In this context, Al-Ahmad said that during the past year, Kuwait Investment Company maintained its policy towards diversifying revenues, including its activity in foreign real estate markets, most notably Germany, benefiting from its experience in this industry and its ability to conduct practical analysis and predict the paths of this important sector. .

Balanced credit rating and stable future outlook

Kuwait Investment Company maintained its balanced credit rating and stable future outlook, due to the company's flexible business model and its ability to raise funds at a low cost.

What strengthened this view of global institutions was the company's extensive experience in the investment sector, being the oldest investment company in the Gulf region, and established in 1961. At the same time, the company succeeded in adapting to the changes that occurred in the markets globally, regionally, and locally, and to the boom in technological transformations, thanks to its management, prudence and its pioneering strategy.

A digital launch and plans that meet ambition

As part of its efforts to enhance its competitiveness, Kuwait Investment Company's strategy for digital transformation gained a turning point and great momentum last year, as the executive plans and programs included providing advanced digital services and products to meet the ambitions of the company's customers.

As part of its proactive initiatives to adapt to the technical transformation, the company is working rapidly to develop its infrastructure of smart, flexible, supportive systems and programs essential for completing its work in accordance with the highest international standards.

Empowering national cadres with an advanced career model

The Kuwait Investment Company stands out as one of the best local investment companies in empowering national competencies, as it provides its human cadres with an advanced career model according to the highest standards, so that it meets the requirements and various needs of the labor market.

Kuwait Investment Company's methodology of qualitative investment in its human capital constituted a strategic step towards achieving sustainability in all its indicators, to the extent that it contributed to obtaining the “Best Investment Firm - Kuwait 2023" award from International Finance magazine.

As a result of these efforts, Kuwait Investment Company has succeeded in attracting national competencies and talents, which is considered one of the most important keys to its continued success and ability for sustainable growth.

A pioneering strategy in social responsibility

In 2023, Kuwait Investment Company made outstanding efforts in the areas of community service, targeting various fields, including sports and humanitarian, as part of its social responsibility, in addition to enhancing its efforts to support the empowerment of youth and women.

Last year, Kuwait Investment Company launched several programs that support its leadership as an effective company in achieving long-term social and economic well-being and contribute to sustainable development and address pressing social issues, such as education, health care, and environmental preservation


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