KIPCO looks to preserve and grow by creating long-term value and sustainable growth
- gceosocial
- 7 hours ago
- 1 min read
“We aim to unlock value by enhancing synergies across Group companies and balancing our investment portfolio,” says Group CEO.
KIPCO will continue its mission to create long-term value and sustainable growth. This was emphasized in a presentation after the Annual General Meeting, chaired by Vice Chairman Sheikh Abdullah Naser Sabah Al Ahmad Al Sabah. The AGM approved all agenda items, followed by an Extraordinary General Meeting amending the Memorandum of Association for dividend distribution flexibility.
Group CEO Sheikha Dana Naser Sabah Al Ahmad Al Sabah highlighted 2023 achievements and 2024 outlook, focusing on preserving and growing stakeholder value and delivering sustainable returns in key sectors.
Strategic Priorities
Since 2022, KIPCO has aligned efforts to strengthen key investments, governance, capital structure, and foster innovation. Significant transactions include a merger with Qurain Petrochemical Industries, enhancing assets and equity, and the sale of Gulf Insurance Group. The merger of OSN+ with Anghami created a major streaming platform with 120 million users.
KIPCO has pursued high-impact transactions and proactive liability management since 2022.
KIPCO focuses on six sectors: financial services, petrochemicals, foodstuff, healthcare & education, industrial services, and real estate.
The merger of OSN+ with Anghami has formed a media tech company.
KIPCO's 2023 results showed growth: revenue up 23% to KD 1.3 billion, net profit up 19% to KD 30 million, and assets increased by 8% to KD 12.3 billion. The focus remains on six key sectors, seeking investment opportunities and enhancing technical infrastructure.
Closing
Sheikha Dana Naser Al Sabah concluded:
“We continue to deliver on our mission to preserve and grow KIPCO, creating long-term value and sustainable growth.”
