Kuwait Projects Company (Holding) - KIPCO reported a net profit of 5.1 million Kuwaiti dinars (approximately $16.7 million) for the first quarter of 2025, according to a press statement issued on Thursday.

Financial Highlights:

• Net profit declined to KD 5.1 million ($16.7million)fromKD5.8million($18.8 million) in Q1 2024, primarily due to increased credit provisions at subsidiary banks

• Operating profits rose 15% to KD 50.3 million ($163.1million)comparedtoKD43.7million($141.7 million) in the same period last year

• Total consolidated assets grew to KD 13.3 billion ($43.1billion)asofQ12025,upfromKD13.0billion($42.1 billion) at end-2024

Performance Drivers:
The company attributed the operational improvement to stronger performance in:

1. Banking operations

2. Petrochemical services sector

3. Logistics businesses

Management Commentary:
Group CEO Sheikha Dana Nasser Sabah Al-Ahmad Al-Sabah stated: "At our recent general assembly meeting, we reaffirmed our commitment to generating stable and growing positive cash flows through sustainable future dividend distributions from our portfolio companies."

She added: "Our Q1 2025 results reflect ongoing efforts to ensure sustainable growth through business optimization, improved portfolio company performance, strengthened capital structure, and continued focus on creating shareholder value."

Key Financial Metrics: