Kuwait Projects Company Holding (k.s.c.p.) · KSE:KPROJ
Kuwait Projects Company Holding (k.s.c.p.) — Kuwait Projects Company Holding (KIPCO) — H1 2018 Earnings Presentation
18 slides from Kuwait Projects Company Holding (k.s.c.p.)'s earnings presentation, August 2018
Slide 1: Investor Presentation: H1 2018
Investor Presentation : H1 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 EPS (Cents)1 10.8 9.5 4.0 2.4 2.0 2,182 2,165 169 34.2 2,046 33.0 32.6 150 31.7 1,168 1,092 78 604 592 47 40 30 21 500 565 17 19 2015 2016 2017 H1'17 H1'18 2015 2016 2017 H1'17 H1'18 2015 2016 2017* H1
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% 248% 120% 124% 159% 173% 14.0 14.6 14.0 13.2 13.7 12.8 12.3 12.9 3.9% 3.4% 2.3% 2.3% 2015 2016 2017 H1'18 2015 2016 2017 H1'18 2015 2016 2017 H1'18 NPA to Gros
Slide 6: BBG: Regional operations
BBG: Regional operations Loans Deposits Net Profit1 USDbn USDbn USDmn 5.4 5.1 5.0 4.7 43 3.9 3.7 36 2.3 2.2 24 1.8 1.6 1.3 1.3 17 21 0.6 0.6 0.3 0.1 0.1 0.02 0.02 0.3 11 5 5 AGB BOB TIB BBT Total AGB BOB TIB BBT Total 3 Q4'17 H1'18 AGB BoB TIB BBT Total Q4'17 H1'18 (7) H1'17 H1'18 Net Interest Margi
Slide 7: Gulf Insurance Group (GIG)
Gulf Insurance Group (GIG) Gross & Net Premium Written Net Investment Income USDmn USDmn 27 1,007 21 20 704 614 444 10 325 344 9 259 272 125 136 2015 2016 2017 Q1'17* Q1'18 2015 2016 2017 Q1'17* Q1'18 Net Premium Written Gross Premium Written Combined Ratio1 Net Profit & ROE USDmn 94% 94% 100% 98% 1
Slide 8: United Gulf Holding Company (UGHC)
United Gulf Holding Company (UGHC)* Revenue Fee & Commission Income USDmn USDmn 38 34 157 32 30 145 138 87 18 79 2015 2016 2017# H1'17 H1'18 2015 2016 2017# H1'17 H1'18 Net Profit & Provisions AuM & Capitalisation USDmn USDbn 21.1% 13 11 1 2 5 10.7 10.8 10.0 9.9 13 12 11 8 6 2015 2016 2017# H1'17 H1
Slide 9: United Real Estate Company (URC)
United Real Estate Company (URC) Total Revenue1 Operating Profit2 USDmn USDmn 307 84 273 76 217 56 149 132 22 23 2015 2016 2017 H1'17 H1'18 2015 2016 2017 H1'17 H1'18 Net Profit Total Assets & ROE USDmn USDmn 28 29 4.2% 4.4% 1.2% (1.8%) 1,990 1,988 1,829 1,888 7 5 2015 2016 2017 H1'17 H1'18 (6) 2015
Slide 10: 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, 36k subs for OSN play and 62K subs for OSN on demand First in the region to introduc
Slide 11: Other key entities
Other key entities: United Industries Company (UIC) Total Revenue Net Profit USDmn USDmn 26 49 19 19 39 34 16 15 31 25 2015 2016# 2017 H1'17 H1'18 2015 2016# 2017 H1'17 H1'18 Jordan Kuwait Bank (JKB) Loans & Deposits Operating Income & Net Profit USDbn USDmn 3.6% 3.5% 3.7% 3.8% 3.5% 2.7 2.6 2.6 2.4
Slide 12: KIPCO parent debt profile: As at 30 June 2018
KIPCO parent debt profile: As at 30 June 2018 Debt Maturity1 Total Debt: USD2.0bn Average debt maturity is ~5 years 12% - 24% 64% <1 Year 1-2 Years 2-4 Years >4 Years 1As of 30 June2018 ▪ Cash & bank balance of USD1,075mn − The current cash balance covers all debt obligations due till 2022 (4.6x cov
Slide 13: KIPCO consolidated: Balance Sheet
KIPCO consolidated: Balance Sheet 2015 2017 Consolidated Balance Sheet (USDmn) Restated 2016 Restated H1 2018 Cash in hand and at banks 5,252 4,815 5,184 5,373 Treasury bills, bonds & other debt securities 2,245 2,230 2,136 2,570 Investment in associates 1,399 1,461 1,239 1,215 Investment in a media
Slide 14: KIPCO consolidated: Income Statement
KIPCO consolidated: Income Statement Consolidated Income Statement 2015 2016 2017 H1 2017 H1 2018 (USDmn) Restated Interest income 1,028 1,230 1,276 620 722 Investment income 101 92 234 149 29 Fees and commission income 167 185 175 87 78 Share of results of associates 96 119 42 19 42 Share of result
Slide 15: Thank you
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 USD32.6bn1 Geography Middle East and North Africa (MENA) Sectors Primarily financial services & media Track record 26 years of continuous profitability, 16 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 Industrial Others banking (2017) 1 Kuwait ● ● ● ● ● ● ● 47% KSA ● ● ● 4% UAE ● ● ● ● 5% Bahrain ● ● ● ● 3% Qatar ● ● 1% Turkey ● ● 15% Jordan ● ● ● ● 9% Egypt ● ● ● ● 5% Algeria ● ● ● 4%
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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