Kuwait Projects Company Holding (K.S.C.P.) · KSE:KPROJ
Kuwait Projects Company Holding (K.S.C.P.) — Kuwait Projects Company (Holding) (KIPCO) — H1 2019 Earnings Presentation
18 slides from Kuwait Projects Company Holding (K.S.C.P.)'s earnings presentation, July 2019
Slide 1: Investor Presentation | July, 2019
Investor Presentation | July, 2019 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
(4 e™™ / Performance Update
Slide 4: KIPCO consolidated: Financial performance
KIPCO consolidated: Financial performance Revenue Net Profit Consolidated Assets USDmn USDmn USDbn EPS1 (Cents) 9.4 3.8 5.0 1.9 2.3 2,546 34.1 34.2 32.9 33.2 2,254 150 2,172 93 1,232 78 1,225 45 40 2016 2017 2018 H1'18^ H1'19 2016 2017 2018 H1'18 H1'19 2016 2017 2018 H1'19 ^ Restated to reflect chan
Slide 5: Burgan Bank Group (BBG)
Burgan Bank Group (BBG) Loans Deposits Asset Quality USDbn USDbn NPA coverage with collateral NPA coverage without collateral 194% 233% 241% 249% 124% 159% 171% 179% 14.5 14.1 13.9 13.9 13.7 13.8 12.3 12.4 3.4% 2.3% 2.3% 2.3% 2016 2017 2018 H1'19 2016 2017 2018 H1'19 2016 2017 2018 H1'19 NPA to Gros
Slide 6: BBG: Regional operations
BBG: Regional operations Loans Deposits Net Profit USDbn USDbn USDmn 43 4.7 4.4 4.6 4.3 32 3.2 2.9 24 21 18 1.9 1.8 12 1.8 1.6 1.4 1.3 5 0.7 0.7 0 1 0.3 0.3 0.1 0.1 0.03 0.02 AGB BOB TIB BBT Total AGB BOB TIB BBT Total AGB BoB TIB BBT Total (7) 2018 H1'19 2018 H1'19 H1'18 H1'19 Net Interest Margin*
Slide 7: Gulf Insurance Group (GIG)
Gulf Insurance Group (GIG) Gross & Net Premium Written Net Investment Income USDmn USDmn 32 1,104 26 1,002 21 701 442 497 10 10 342 295 304 151 159 2016 2017* 2018 Q1'18* Q1'19 2016 2017* 2018 Q1'18* Q1'19 Net Premium Written Gross Premium Written Combined Ratio Net Profit & ROE USDmn 94% 100% 98% 9
Slide 8: United Gulf Holding Company (UGH)
United Gulf Holding Company (UGH)* Revenue Fee & Commission Income USDmn USDmn 72 208 157 138 34 38 62 19 23 46 2016 2017# 2018 Q1'18 Q1'19 2016 2017# 2018 Q1'18 Q1'19 Net Profit & Provisions AuM & Capitalisation USDmn USDbn 20.6% 11 1 24 5 2 12.6 13.3 10.8 19 10.0 13 6 5 5 2016 2017# 2018 Q1'18 Q1'
Slide 9: United Real Estate Company (URC)
United Real Estate Company (URC) Total Revenue1 Operating Profit2 USDmn USDmn 332 85 305 272 73 62 58 113 243 259 85 28 72 8 15 17 159 14 58 77 2016 2017 2018 Q1'18 Q1'19 2016 2017 2018 Q1'18 Q1'19 Kuwait Regional Net Profit Total Assets & ROE USDmn USDmn 29 4.4% 1.2% (4.7%) 1.6% 1,980 2,028 2,045 7
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 1.2mn, 117k subs for WAVO, 45k subs for OSN Play and 137k subs for OSN Demand First in the
Slide 11: Other key entities
Other key entities: United Industries Company (UIC) Total Revenue Net Profit USDmn USDmn 26 26 48 19 19 39 39 39 17 31 2016# 2017 2018 H1'18 H1'19 2016# 2017 2018 H1'18 H1'19 Jordan Kuwait Bank (JKB) Loans & Deposits Operating Income & Net Profit USDbn USDmn 3.5% 3.7% 3.6% 3.5% 3.7% 2.4 2.6 2.5 2.5
Slide 12: KIPCO parent debt profile: As at 30 June 2019
KIPCO parent debt profile: As at 30 June 2019 Debt Maturity Total Debt: USD2.1bn Average debt maturity is ~4.4 years - 23% 23% 54% <1 Year 1-2 Years 2-4 Years >4 Years ▪ Cash & bank balance of USD827mn − The current cash balance covers all debt obligations due till 2022 (1.7x coverage for 2020) ▪ Pl
Slide 13: KIPCO consolidated: Balance Sheet
KIPCO consolidated: Balance Sheet 2017 Consolidated Balance Sheet (USDmn) 2016 Restated 2018 H1 2019 Cash in hand and at banks 4,793 5,160 6,965 5,127 Treasury bills, bonds & other debt securities 2,220 2,126 2,388 2,295 Investment in associates 1,455 1,234 1,083 1,128 Investment in a media joint ve
Slide 14: KIPCO consolidated: Income Statement
KIPCO consolidated: Income Statement Consolidated Income Statement 2017 H1 2018 2016 2018 H1 2019 (USDmn) Restated Restated Interest income 1,224 1,270 1,464 721 678 Investment income 92 233 120 29 37 Fees and commission income 184 174 200 78 93 Share of results of associates 118 42 61 42 54 Share o
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 USD33.2bn1 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 ● ● ● ● ● ● ● 45% KSA ● ● ● 4% UAE ● ● ● ● 5% Bahrain ● ● ● ● 4% Qatar ● ● 1% Turkey ● ● 17% Jordan ● ● ● ● 9% 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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