Kuwait Investment K S C P : Financial Results as of 31/03/2024

EFG Hermes invites you to participate in

KIC Q1 2024 Earnings Webcast

Wednesday, 15 May 2024 | 12:00 (Kuwait) | 13:00 (Dubai) | 10:00 (London)

Speakers	Hany Elnowaihy - Chief Financial Officer (CFO), KIC
	Emad Tifouni - Deputy Chief Executive Officer - Asset Management, KIC
	Faisal AL-Meshari - Deputy Chief Executive Officer - Direct Investment and Corporate, KIC
	Abdullah AbulQassim - Assistant Vice President - Investor Relations Unit, KIC
Host	Ahmed El-Shazly, EFG Hermes

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REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

The Board of Directors

Kuwait Investment Company - K.S.C. (Public)

State of Kuwait

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Kuwait Investment Company - K.S.C. (Public) (the "Parent Company") and its subsidiaries (the Group) as at March 31, 2024 and the related interim condensed consolidated statements of profit or loss, profit or loss and other comprehensive income, changes in equity and cash flows for the three months period then ended. The Parent Company's management is responsible for the preparation and presentation of this interim consolidated financial information in accordance with International Accounting Standard 34, 'Interim Financial Reporting'. Our responsibility is to express a conclusion on this interim consolidated financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity." A review of interim consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34.

Report on Other Legal and Regulatory Requirements

Furthermore, based on our review, the interim consolidated financial information is in agreement with the books of account of the Parent Company. We further report that, to the best of our knowledge and belief, we have not become aware of any violations of the Companies Law No.1 of 2016 and its Executive Regulations, as amended or by the Parent Company's Memorandum of Incorporation and Articles of Association, as amended during the three months period ended March 31, 2024, that might have had a material effect on the Parent Company's financial position or result of its operations.

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We further report that, during the course of our review, to the best of our knowledge and belief, we have not become aware of any violations of the provisions of Law No. 32 of 1968, as amended, concerning Currency, the Central Bank of Kuwait and the organization of banking business, and its related regulations or of the provisions of Law No. 7 of 2010, concerning the Capital Markets Authority and its related regulations during the three months period ended March 31, 2024, that might have had a material effect on the business of the Parent Company or on its financial position.

	Dr. Shuaib A. Shuaib
State of Kuwait	License No. 33-A
May 12, 2024	RSM Albazie & Co.

KUWAIT INVESTMENT COMPANY - K.S.C. (PUBLIC) AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE FINANCIAL PERIOD ENDED MARCH 31, 2024

(All amounts are in Kuwaiti Dinars)

			For the three months ended
	Note		March 31,
		2024			2023
Operating revenue:
Net fee and commission income		1,783,398			1,770,268
Net rental income		3,265,264			2,645,375
Net investment in securities income	7	5,341,030			1,158,467
Group's share of results from associates		244,947			269,594
Finance income		468,045			308,765
Other income			34,402			61,879
		11,137,086			6,214,348
Operating expenses:
General and administrative expenses		(3,779,913)			(3,124,181)
Net allowance of expected credit losses		(6,693)			(30,044)
Foreign exchange gains (losses)		55,239			(179,630)
Finance cost			(1,010,694)			(1,224,018)
		(4,742,061)			(4,557,873)
Profit for the period before contribution to Kuwait Foundation for
Advancement of Sciences (KFAS), National Labor Support Tax
(NLST) and Zakat		6,395,025			1,656,475
Contribution to KFAS		(39,473)			-
Contribution to NLST		(167,040)			(16,500)
Contribution to Zakat			(46,584)			-
Profit for the period		6,141,928			1,639,975
Attributable to:
Shareholders of the Parent Company		4,961,555			386,605
Non-controlling interests			1,180,373			1,253,370
		6,141,928			1,639,975
Basic and diluted earnings per share attributable to shareholders of the
Parent Company (Fils)	8	9.09			0.74

The accompanying notes from (1) to (15) form an integral part of the interim consolidated financial information.

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