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.
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Kuwait Projects Company (Holding) KSC published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 11:06:33 UTC.