Kuwait Projects Company (Holding) made a net profit of 5.1 million Kuwaiti dinars ($16.6 million) for Q1 2023, 59% higher year-on-year (YoY) as portfolio investments in bank and energy sectors performed well.

Consolidated revenue nearly doubled to KWD313.7 million, the company, also known as KIPCO, said on Tuesday.

CEO Sheikha Dana Naser Sabah Al Ahmad Al Sabah said the results reflect the performance of its portfolio companies. “Our commercial banking sector, namely our operation in Jordan, has reported positive growth, together with the energy and the industrial and logistics sectors that were added to our portfolio as a result of the recent merger with Qurain Petrochemical Industries,” he said. 

(Writing by Brinda Darasha; editing by Imogen Lillywhite)