Kuwait Projects K S C P : Financial Results 31/3/2024

Financial Results Form	ةيلاملا تانايبلا جئاتن جذومن
Kuwaiti Company (KWD)	).ك.د( ةيتيوكلا تاكرشلا
Company Name	ةكرشلا مسا
Kuwait Projects Company )Holding( K.S.C.P.	ع.ك.م.ش ) ةضباقلا( تيوكلا عيراشم ةكرش

First Quarter Results Ended on

2024-03-31

يف يهتنملا لولاا عبرلا جئاتن

Board of Directors Meeting Date

2024-05-14

ةرادلإا سلجم عامتجا خيرات

Required Documents

جذومنلاب اهقافرإ بجاولا تادنتسملا

Approved financial statements.

ةدمتعملا ةيلاملا تانايبلا نم ةخسن

Approved auditor's report

دمتعملا تاباسحلا بقارم ريرقت نم ةخسن

This form shall not be deemed to be complete unless the

ً

documents mentioned above are provided

تادنتسملا هذه قافرإو متي مل ام لامتكم جذومنلا اذه ربتعي لا

)%( رييغتلا

ةنراقملا رهشا ثلاثلا ةرتف

ةيلاحلا رهشا ثلاثلا ةرتف

Change (%

)

Three Month Comparative

Three Month Current Period

نايبلا

Period

Statement

2023-03-31

2024-03-31

ملأا ةكرشلا يمهاسمب صاخلا )ةراسخلا( حبرلا يفاص

14%

5,124,000

5,841,000

Net Profit (Loss) represents the amount

attributable to the owners of the parent

Company

9%

1.1

1.2

ةففخملاو ةيساسلأا مهسلا )ةراسخ( ةيحبر

Basic & Diluted Earnings per Share

15%

5,878,066,000

6,759,318,000

ةلوادتملا تادوجوملا

Current Assets

6%

11,799,162,000

12,506,410,000

تادوجوملا يلامجإ

Total Assets

(3%)

7,863,882,000

7,597,508,000

ةلوادتملا تابولطملا

Current Liabilities

6%

10,196,588,000

10,830,704,000

تابولطملا يلامجإ

Total Liabilities

ملأا ةكرشلا يمهاسمب ةصاخلا ةيكلملا قوقح يلامجإ

3%

596,293,000

616,520,000

Total Equity attributable to the owners of

the Parent Company

14%

309,292,000

351,818,000

ةيليغشتلا تاداريلإا يلامجإ

Total Operating Revenue

26%

34,769,000

43,727,000

ةيليغشتلا )ةراسخلا( حبرلا يفاص

Net Operating Profit (Loss)

NA

/ةمكارتم رئاسخ دجويلا

/ةمكارتم رئاسخ دجويلا

عوفدملا لاملا سأر / ةمكارتملا رئاسخلا

No Accumulated losses

No Accumulated losses

Accumulated Loss / Paid-Up Share Capital

Financial Results Form	1	ةيلاملا تانايبلا جئاتن جذومن
Kuwaiti Company (KWD)	).ك.د( ةيتيوكلا تاكرشلل

)%( رييغتلا

نراقملا لولاا عبرلا

يلاحلا لولاا عبرلا

First Quarter

First Quarter Current

نايبلا

Change (%)

Comparative Period

Period

Statement

2023-03-31

2024-03-31

/ قبطني لا

/ قبطني لا

/ قبطني لا

ملأا ةكرشلا يمهاسمب صاخلا )ةراسخلا( حبرلا يفاص

Net Profit (Loss) represents the amount

Not

Not Applicable

Not Applicable

attributable to the owners of the parent

Applicable

Company

/ قبطني لا

/ قبطني لا

/ قبطني لا

ةففخملاو ةيساسلأا مهسلا )ةراسخ( ةيحبر

Not

Not Applicable

Not Applicable

Basic & Diluted Earnings per Share

Applicable

/ قبطني لا

/ قبطني لا

/ قبطني لا

ةيليغشتلا تاداريلإا يلامجإ

Not

Not Applicable

Not Applicable

Total Operating Revenue

Applicable

/ قبطني لا

/ قبطني لا

/ قبطني لا

ةيليغشتلا )ةراسخلا( حبرلا يفاص

Not

Not Applicable

Not Applicable

Net Operating Profit (Loss)

Applicable

• Not Applicable for first Quarter

لولأا عبرلا ىلع قبطني لا

•

Increase/Decrease in Net Profit (Loss) is due to

)ةراسخلا( حبرلا يفاص ضافخنا/عافترا ببس

The increase in profit for the

period ended

ةرتفلاب ةنراقم 2024/03/31 يف ةيهتنملا ةرتفلا حابرأ يف عافترلاا ببس دوعي

31/03/2024 compared to the previous period ended

يتلا ةيباجيلإا جئاتنلا ىلإ يسيئر لكشب 2023/03/31 يف ةيهتنملا ةقباسلا

31/03/2023 is mainly driven by the positive results of

تامدخلا

و يئاذغلاو يفرصملا عاطقلا يف ةعومجملا تاكرش

اهتققح

our group companies' in the commercial banking,

.ةيتسجوللا

Food and Logistic services sectors.

Total Revenue realized from dealing with related parties (value, KWD)

Total Expenditures incurred fromdealing with related parties (value, KWD)

4,134,000

1,392,000

عم تلاماعتلا نم تاداريلإا يلامجإ غلب

).ك.د غلبملا( ةلصلا تاذ فارطلأا

عم تلاماعتلا نم تافورصملا يلامجإ غلب ).ك.د غلبملا( ةلصلا تاذ فارطلأا

Financial Results Form	2	ةيلاملا تانايبلا جئاتن جذومن
Kuwaiti Company (KWD)	).ك.د( ةيتيوكلا تاكرشلل

Auditor Opinion		تاباسحلا بقارم يأر
1.	Unqualified Opinion	☒	ظفحتم ريغ يأر	.1
2.	Qualified Opinion	☐	ظفحتم يأر	.2
3.	Disclaimer of Opinion	☐	يأرلا ءادبإ مدع	.3
4.	Adverse Opinion	☐	سكاعم يأر	.4

In the event of selecting item No. 2, 3 or 4,
the following table must be filled out, and this form is not	ةئبعت بجي 4 وأ 3 وأ 2 مقر دنب رايتخا لاحب
considered complete unless it is filled.	ً
هتئبعت متي مل ام لامتكم جذومنلا اذه ربتعي لاو ،يلاتلا لودجلا
		بقارم يأر صن
	قبطني لا / Not Applicable	درو امك تاباسحلا
		ريرقتلا يف
		يليصفت حرش
		يتلا ةلاحلاب
	قبطني لا / Not Applicable	بقارم تعدتسا
		ءادبلإ تاباسحلا
		يأرلا
		يتلا تاوطخلا
		ةكرشلا اهب موقتس
	قبطني لا / Not Applicable	يف درو ام ةجلاعمل
		بقارم يأر
		تاباسحلا
		ينمزلا لودجلا
		تاوطخلا ذيفنتل
	قبطني لا / Not Applicable	يف درو ام ةجلاعمل
		بقارم يأر
		تاباسحلا

Financial Results Form	3	ةيلاملا تانايبلا جئاتن جذومن
Kuwaiti Company (KWD)	).ك.د( ةيتيوكلا تاكرشلل

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

The Board of Directors

Kuwait Projects Company Holding K.S.C.P.

State of Kuwait

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Kuwait Projects Company Holding K.S.C.P. (the "Parent Company") and its subsidiaries (collectively, "the Group") as at 31 March 2024 and the related interim condensed consolidated income statement, interim condensed consolidated statement of comprehensive income, interim condensed consolidated cash flow statement and interim condensed consolidated statement of changes in equity for the three months period then ended. Management of the Parent Company is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with International Accounting Standard 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim condensed 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 condensed 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 condensed 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 condensed 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 31 March 2024 that might have had a material effect on the business of the Parent Company or on its financial position.

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 Law No. 7 of 2010 concerning the Capital Markets Authority and its related regulations during the three months period ended 31 March 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
14 May 2024	RSM Albazie & Co.

Kuwait Projects Company Holding K.S.C.P. and Subsidiaries

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) For the period ended 31 March 2024

		Three months ended
		31 March
		2024	2023
Continuing operations:	Notes	KD 000's	KD 000's
Income:
Interest income		165,740	130,617
Investment income	9	7,121	7,228
Net fees and commission income		27,408	21,431
Share of results of associates		1,283	3,724
Energy income		9,863	10,629
Industrial and logistics income		70,808	67,504
Educational services income		7,675	7,631
Media and digital satellite network services income		16,947	19,642
Hospitality and real estate income		19,172	22,622
Other income		16,312	13,712
Foreign exchange gain		9,489	4,552
		────────	────────
		351,818	309,292
Expenses:		────────	────────
Interest expense		147,774	108,094
Energy expenses		7,244	7,717
Industrial and logistics expenses		54,991	54,756
Educational services expenses		4,194	3,564
Media and digital satellite network services expense		18,902	23,557
Hospitality and real estate expenses		12,961	15,303
General and administrative expenses		51,471	49,028
Depreciation and amortisation		10,554	12,504
		────────	────────
		308,091	274,523
		────────	────────
Operating profit from continuing operations before provisions		43,727	34,769
Provision for credit losses	4	(6,045)	(9,080)
Net monetary loss	2.4	(6,887)	(6,538)
		────────	────────
Profit from continuing operations before taxation		30,795	19,151
Taxation		(8,301)	(11,056)
		────────	────────
Profit for the period from continuing operations		22,494	8,095
		────────	────────
Discontinued operation:
Profit from discontinued operation		-	4,373
		────────	────────
Profit for the period		22,494	12,468
		════════	════════
Attributable to:
Equity holders of the Parent Company		5,841	5,124
Non-controlling interest		16,653	7,344
		────────	────────
		22,494	12,468
		════════	════════
		Fils	Fils
EARNINGS PER SHARE:
Basic and diluted- attributable to the equity holders of the Parent
Company	10	1.2	1.1
		════════	════════
EARNINGS PER SHARE FROM CONTINUING OPERATIONS:
Basic and diluted- attributable to the equity holders of the Parent
Company	10	1.2	0.2
		════════	════════

The attached notes 1 to 17 form part of these interim condensed consolidated financial information.

3