Kuwait Projects Company Holding (K.S.C.P.) · KSE:KPROJ
Kuwait Projects Company Holding (K.S.C.P.) — Kuwait Projects Company Holding (KIPCO) — FY2018 Earnings Presentation
18 slides from Kuwait Projects Company Holding (K.S.C.P.)'s earnings presentation, Mar 24, 2019
Slide 1: Investor Presentation: FY 2018
Investor Presentation : FY 2018 E
Slide 2: Disclaimer
Disclaimer This presentation is not an offer or invitation to subscribe to or purchase any securities. No warranty is given as to the accuracy or completeness of the information in this presentation. You must make your own independent investigation and appraisal of the business and financial conditi
Slide 3: Performance Update
Performance Update Kuwait Projects Company (Holding) 3
Slide 4: KIPCO consolidated: Financial performance
KIPCO consolidated: Financial performance Revenue Net Profit Consolidated Assets USDmn USDmn USDbn EPS1 (Cents) 10.8 9.4 3.8 4.9 2,553 169 34.1 34.2 2,261 32.9 2,178 150 31.6 2,043 93 78 2015 2016 2017* 2018* 2015 2016 2017 2018 2015 2016 2017 2018 *In the consolidated financials of FY 2018, certain
Slide 5: Burgan Bank Group (BBG)
Burgan Bank Group (BBG) Loans Deposits Asset Quality USDbn USDbn NPA coverage with collateral NPA coverage without collateral 184% 194% 233% 241% 120% 124% 159% 171% 13.9 14.5 14.1 13.2 13.7 12.8 12.3 12.4 3.9% 3.4% 2.3% 2.3% 2015 2016 2017 2018 2015 2016 2017 2018 2015 2016 2017 2018 NPA to Gross C
Slide 6: BBG: Regional operations
BBG: Regional operations Loans Deposits Net Profit USDbn USDbn USDmn 81 81 5.3 4.7 5.0 4.6 3.9 3.2 41 33 32 2.3 27 1.8 1.8 1.9 1.3 1.4 12 12 9 0.6 0.7 0.3 0.1 0.1 0.02 0.03 0.3 AGB BOB TIB BBT Total AGB BOB TIB BBT Total (3) AGB BoB TIB BBT Total 2017 2018 2017 2018 2017 2018 Net Interest Margin Cos
Slide 7: Gulf Insurance Group (GIG)
Gulf Insurance Group (GIG) Gross & Net Premium Written Net Investment Income USDmn USDmn 32 1,108 27 1,006 21 20 703 613 444 498 324 344 2015 2016 2017* 2018 2015 2016 2017* 2018 Net Premium Written Gross Premium Written Combined Ratio Net Profit & ROE USDmn 94% 94% 100% 98% 16.2% 14.0% 12.3% 14.0%
Slide 8: United Gulf Holding Company (UGH)
United Gulf Holding Company (UGH)* Revenue Fee & Commission Income USDmn USDmn 72 208 157 145 138 34 38 32 2015 2016 2017# 2018 2015 2016 2017# 2018 Net Profit & Provisions AuM & Capitalisation USDmn USDbn 15.5% 13 11 1 24 12.6 10.7 10.8 19 10.0 13 11 6 2015 2016 2017# 2018 2015 2016 2017 2018 Total
Slide 9: OSN
OSN Leading Pay TV operator in MENA region (HQ in Dubai), created by the merger of Showtime and Orbit in 2009 Licensed to operate in 25 countries in MENA with focus on 7 core markets Subscriber base of around 1.1mn, 22k subs for WAVO, 32k subs for OSN Play and 134k subs for OSN Demand. First in the
Slide 10: Other key entities
Other key entities: United Industries Company (UIC) Total Revenue Net Profit USDmn USDmn 26 48 19 39 39 17 34 16 2015 2016# 2017 2018 2015 2016# 2017 2018 Jordan Kuwait Bank (JKB) Loans & Deposits Operating Income & Net Profit USDbn USDmn 3.6% 3.5% 3.7% 3.6% 2.7 2.6 2.4 2.5 180 174 176 2.2 2.3 168 1
Slide 11: KIPCO parent debt profile: As at 31 December 2018
KIPCO parent debt profile: As at 31 December 2018 Debt Maturity Total Debt: USD2.4bn Average debt maturity is ~4.5 years 10% 21% - 69% <1 Year 1-2 Years 2-4 Years >4 Years Cash & bank balance of USD1,174mn − The current cash balance covers all debt obligations due till 2022 (5.0x coverage for 2019
Slide 12: KIPCO consolidated: Balance Sheet
KIPCO consolidated: Balance Sheet 2015 2017 Consolidated Balance Sheet (USDmn) Restated 2016 Restated 2018 Cash in hand and at banks 5,244 4,807 5,175 6,986 Treasury bills, bonds & other debt securities 2,242 2,226 2,132 2,395 Investment in associates 1,397 1,459 1,237 1,086 Investment in a media jo
Slide 13: KIPCO consolidated: Income Statement
KIPCO consolidated: Income Statement 2015 2017 Consolidated Income Statement (USDmn) 2016 2018 Restated Restated Interest income 1,026 1,228 1,274 1,468 Investment income 101 92 234 121 Fees and commission income 167 185 175 201 Share of results of associates 96 118 42 61 Share of results of a media
Slide 14: Thank you
Slide 15: United Real Estate Company (URC)
United Real Estate Company (URC) Total Revenue1 Operating Profit2 USDmn USDmn 306 84 273 76 62 216 226 209 56 114 44 39 87 34 244 29 159 170 182 129 2015 2016 2017 9M'17 9M'18 2015 2016 2017 9M'17 9M'18 Kuwait Regional Net Profit Total Assets & ROE USDmn USDmn 28 29 4.2% 4.4% 1.2% 0.2% (2.4%) 2,010
Slide 16: A diversified company with deep regional expertise & roots
A diversified company with deep regional expertise & roots We are Operating holding company with total assets of USD34.3bn1 Geography Middle East and North Africa (MENA) Sectors Primarily financial services & media Track record 27 years of continuous profitability, 17 years of continuous dividends R
Slide 17: Our presence by geographies & sectors
Our presence by geographies & sectors Major sectors Geography Commercial Revenue Media Insurance Real Estate AMIB 4 Industrial Others banking (2018) 1 Kuwait ● ● ● ● ● ● ● 50% KSA ● ● ● 0% UAE ● ● ● ● 0% Bahrain ● ● ● ● 3% Qatar ● ● 0% Turkey ● ● 20% Jordan ● ● ● ● 11% Egypt ● ● ● ● 5% Algeria ● ● ●
Slide 18: Core holdings
Core holdings All core holdings are market leaders in their space Leading premium Pay TV operator in MENA region2 with Conventional bank in Kuwait1 1.1mn subscribers S&P: BBB+/A2 Moody’s: A3/ P2 Fitch: A+ Insurer in Kuwait3, Bahrain4, Jordan4 & Asset Manager in Kuwait with highest Egypt5 AuM S&P: A-
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