Kuwait Projects Company Holding (k.s.c.p.) · KSE:KPROJ
Kuwait Projects Company Holding (k.s.c.p.) — Kuwait Projects Company (Holding) (KIPCO) — Q1 2018 Earnings Presentation
19 slides from Kuwait Projects Company Holding (k.s.c.p.)'s earnings presentation, May 16, 2018
Slide 1: Investor Presentation | Q1 2018
Investor Presentation | Q1 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 10.9 9.5 4.0 0.4 0.5 171 2,204 2,187 2,067 152 34.5 33.3 32.7 32.0 79 570 506 17 19 2015* 2016 2017 Q1'17 Q1'18 2015* 2016 2017 Q1'17 Q1'18 2015* 2016 2017* Q1'18 *Restated Note: : Exchang
Slide 5: Burgan Bank Group (BBG)
Burgan Bank Group (BBG) Loan Growth Deposit Growth Asset Quality USDbn USDbn NPA coverage with collateral1 NPA coverage without collateral 184% 194% 233% 240% 14.7 120% 124% 159% 169% 14.5 14.1 13.9 12.9 13.1 3.9% 13.4 12.5 3.4% 2.3% 2.2% 2015 2016 2017 Q1'18 2015 2016 2017 Q1'18 2015 2016 2017 Q1'1
Slide 6: BBG: Regional operations
BBG: Regional operations Loans Deposits Net Profit1 USDbn USDbn USDmn 5.4 5.3 5.1 4.8 18 3.9 17 3.9 12 11 2.3 2.2 8 1.8 1.7 1.3 1.3 6 0.6 0.6 2 2 2 0.3 0.1 0.1 0.02 0.02 0.3 AGB BOB TIB BBT Total AGB BOB TIB BBT Total AGB BoB TIB BBT Total Q4'17 Q1'18 Q4'17 Q1'18 (8) Q1'17 Q1'18 Net Interest Margin
Slide 7: Gulf Insurance Group (GIG)
Gulf Insurance Group (GIG) Gross & Net Premium Written Net Investment Income USDmn USDmn 27 1,017 22 20 711 620 449 10 328 347 9 262 274 126 137 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 32 145 138 19 41 46 9 2015 2016 2017# Q1'17 Q1'18 2015 2016 2017# Q1'17 Q1'18 Net Profit & Provisions AuM & Capitalisation USDmn USDbn 23.1% 13 11 1 1 5 10.7 10.8 10.0 10.2 13 11 6 5 5 2015 2016 2017# Q1'17 Q1'
Slide 9: United Real Estate Company (URC)
United Real Estate Company (URC) Total Revenue1 Operating Profit2 USDmn USDmn 310 85 276 77 219 56 71 73 13 14 2015 2016 2017 Q1'17 Q1'18 2015 2016 2017 Q1'17 Q1'18 Net Profit Total Assets & ROE USDmn USDmn 4.2% 4.4% 1.2% 1.7% 2,010 2,007 28 29 1,848 1,907 7 4 3 2015 2016 2017 Q1'17 Q1'18 2015 2016
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 and 310K+ digital platform users First in the region to introduce digital platform wi
Slide 11: Other key entities
Other key entities: United Industries Company (UIC) Total Revenue Net Profit USDmn USDmn 26 49 20 40 18 16 17 34 22 24 2015 2016# 2017 Q1'17 Q1'18 2015 2016# 2017 Q1'17 Q1'18 Jordan Kuwait Bank (JKB) Loan & Deposit Growth Operating Income & Net Profit USDbn USDmn 3.6% 3.5% 3.7% 3.8% 3.5% 2.7 2.6 2.6
Slide 12: KIPCO parent debt profile: As at 31 March 2018
KIPCO parent debt profile: As at 31 March 2018 Debt Maturity1 Total Debt: USD2.1bn Average debt maturity is +5 years 11% - 23% 66% <1 Year 1-2 Years 2-4 Years >4 Years 1As of 31 March 2018 ▪ Cash & bank balance of USD1,027mn − The current cash balance covers all debt obligations due till July 2020 (
Slide 13: IFRS 9 update
IRFS 9 update ▪ On 24 July 2014, the International Accounting Standards Board issued the final version of IFRS 9 Financial Instruments, which is effective 1 January 2018 ▪ This standard brings together required changes mainly in the “Classification & Measurement” of financial instruments and new Imp
Slide 14: KIPCO consolidated: Balance Sheet
KIPCO consolidated: Balance Sheet 2015 2017 Consolidated balance sheet USDmn Restated 2016 Restated Q1 2018 Cash in hand & at banks 5,306 4,864 5,236 4,895 Treasury bills & bonds 2,268 2,253 2,157 2,755 Investment in associates 1,413 1,476 1,252 1,229 Investment in a media joint venture 557 499 593
Slide 15: KIPCO consolidated: Income Statement
KIPCO consolidated: Income Statement Consolidated income statement 2015 Q1 2017 2016 2017 Q1 2018 USDmn Restated Restated Interest income 1,038 1,242 1,289 300 367 Investment income 102 93 237 16 5 Fees & commission income 169 187 177 46 39 Share of results of associates 97 120 43 31 26 Share of res
Slide 16: Slide 16
Slide 17: 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 USD32.8bn1 Geography Middle East and North Africa (MENA) Sectors Primarily financial services & media Track record 26 years of continuous profitability, 16 years of continuous dividends V
Slide 18: 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% I
Slide 19: 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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