The Gulf Investment Corporation (GIC) announced its financial results for the fiscal year ended December 31, 2023, which showed net profits of $203 million. This announcement follows the approval of the corporation’s financial statements by the AGM, which was held on Sunday, April 21st, 2024, at the GIC’s headquarter in the State of Kuwait.
Commenting on the financial results for 2023, H.E. Mazen Ibrahim Abdulkarim, the Chairman of the Board, said“With the grace of God Almighty, and on its 40th anniversary, the Corporation achieved net profits of$203 million of profits, which is 55% over the previous year’s profits,despite the economic challenges that affected both global and regional financial markets”. He also re-iterated hisdeep confidence in the integrity of the corporation’s business model as well as the soundness of its financial strength and liquidity profile, in addition to the outstanding performance of the Corporation, which was reflected in the reaffirmation of its credit rating by major international credit rating agencies.In this respect, Moody’s reaffirmed its long-term credit rating for theCorporation at A2 level, and its short-termrating at P1 with a stable outlook. Likewise, Fitch Ratings affirmed its long-term credit rating at BBB+, and a short-term rating ofF1 with a stable outlook. Also, the Malaysian credit rating agency RAM reaffirmed the Corporation’s credit rating at AAAwith a stable outlook.
Mr. AbdulKarim added, “The Corporation, with the aim of strengthening its role and its mission across the GCCthrough the Principal Investments Group, has continued to invest in new projects such as Pipecare Group Company,which operates inthe oil services sector and specializes in inspecting oil and gas pipelines.In addition, the Corporation increased its investmentin the education sector by injecting additional capital into AlephYa in the UAE. Moreover, The Corporation continues to focus on the GCC infrastructure sectorwith the completion of two projects; the first is the fifth phase of the solar energy projectfrom Dubai Electricity and Water Authority’s, while the second is the completion of the Jubail 3A desalination project in Saudi Arabia. Furthermore, the commencement ofand construction work has begun for the Al-Wakra and Al-WukairWaste Water Treatment Projects in Qatar.Moreover, the Corporation withits alliances also signed agreements forthe first Independent Strategic Water Reservoirs Project in Saudi Arabia.Moreover, the Principal Investment portfolio with its remarkable performance and profitability indicatorshas contributed significantly to these commendable results for year 2023”.
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For more information, please contact Mr. Khaled Al-Suraye, Head of Public Relations at GIC at: +965-22225426