KFIC Investment achieved profits before losses on impairment of intangible assets amounting to 791 thousand dinars by the end of 2022. 11.2 million Kuwaiti dinars in the group’s credit facilities portfolio, and 10.4 million Kuwaiti dinars in the credit facilities portfolio managed on behalf of local banks. Total assets are approximately 55.2 million Kuwaiti dinars, total liabilities are approximately 13.5 million Kuwaiti dinars. 228.3 million Kuwaiti dinars, the value of funds managed and those held in trust for the asset management sector KFIC Investment establishes a new subsidiary specialized in providing capital financing services 15 million Kuwaiti dinars [Kuwait - April 20, 2023] The Ordinary General Assembly of KFIC Investment Company (K.S.C.P.) “KFIC” (formerly: Kuwait Finance and Investment Company (K.S.C.P.)) approved the financial year ending on December 31, 2022. Which was held on April 20, 2023, by a majority on all items on its agenda, including approving the reports of the Board of Directors and the auditor, and approving the Board of Directors’ recommendation not to distribute dividends for the year 2022 to serve the company’s expansion goals, and also to transfer an amount of 60 thousand Kuwaiti dinars from profits. To calculate the mandatory reserve, noting that the attendance rate reached 88.8%. Chairman of the Board of Directors of KFIC Investment, Suleiman Khaled Al-Fulaij, stated that despite the economic conditions and military conflicts that the entire world is witnessing, the Kuwaiti economy recovered relatively during 2022, recording growth in the gross domestic product estimated at 8.7% according to the International Monetary Fund, compared to the growth of It reached 1.3% in 2021, as a result of strong activity in the oil sector in light of high oil prices. Inflation also reached about 3.2% in 2022, and it is expected that increases in the reference discount interest rate by the Central Bank of Kuwait will continue in 2020. 23 With a decline in commodity prices by the end The year. During the year 2022, domestic credit increased by an estimated 7.7% due to the lifting of all restrictions related to the Coronavirus pandemic, in addition to the growth of personal credit and increased demand for capital spending by companies. The banking sector in general also witnessed a strong and noticeable recovery, as the compound growth rate over the last five years in customer deposit portfolios at local banks and loan portfolios reached 3% and 6%, respectively. Al-Fulaij also pointed out: “We are continuing our strategy based on diversifying sources of income from different investment vehicles and relying on generating revenues and cash flows from financing services activities, asset management, and generating investments, and not relying on speculation in the financial markets only,” explaining that the company’s financial indicators in 2022 reflect The low percentages of borrowing rates, as well as the high percentages of liquidity rates, which reached 68%, which reflects the strength of the financial position of KFIC Investment, which provides it with opportunities for growth in its activities. The company’s various arms represented in the financing services sector, the asset management sector, and the investment sector were also able to In achieving balanced business models, the investment sector succeeded in exiting some investments, achieving profits from those exits, and the asset management sector was able to increase the funds managed and those held in trust. Financial results The Chairman of the Board of Directors - Suleiman Khaled Al-Fulaij - explained that the group achieved profits from recurring operations before a profit from the sale of an investment in an associate company, losses from impairment of intangible assets, board members’ remuneration and taxes amounting to approximately 791 thousand Kuwaiti dinars for the year 2022 compared to losses amounting to 126 thousand dinars. approximately Kuwaiti dinars compared to the year 2021, with an increase of approximately 917 thousand Kuwaiti dinars. There is also no fundamental difference in net profit as the group was able to maintain a balanced performance during the year 2022, except that the components of net profit include some changes, mainly represented by an increase in revenues from management and consulting fees. A decrease in general and administrative expenses and losses, a decrease in the value of intangible assets represented by the brokerage license, in addition to an increase in the refund of the provision for expected credit losses, which is offset by a decrease in investment income resulting mainly from the exit operations that took place during the comparative year, and an increase in financing costs due to The discount rate announced by the Central Bank of Kuwait increased during 2022, and the net profit of the parent company decreased slightly compared to last year, reaching approximately 445 thousand Kuwaiti dinars, with a profit of 1.4 fils for the year 2022 compared to a net profit of approximately 470 thousand Kuwaiti dinars, with a profit of 1.5 fils per share. Year 2021. Financial services sector Al-Fulaij reported that this sector achieved positive results during this year, as the sector’s net profit amounted to approximately 236 thousand Kuwaiti dinars for the year 2022 compared to a net profit of approximately 152 thousand Kuwaiti dinars for the year 2021, and the value of the financing portfolio reached approximately 11.2 million Kuwaiti dinars. On December 31, 2022, a decrease of approximately 2.2 million Kuwaiti dinars, a decrease of 17% from the value of the financing portfolio as of December 31, 2021, which amounted to approximately 13.4 million Kuwaiti dinars as a result of KFIC Financial Services Company selling part of the financing portfolio to one of the local Kuwaiti banks during the last quarter. This is within the framework of the group’s strategy to exit assets that generate low returns and recycle them into new facilities with high returns and to provide sufficient cash support to serve the established growth and expansion plan. Despite the decline in the value of the financing portfolio, this sector was able to maintain a balanced level. Annual revenues amounted to approximately 1.8 million Kuwaiti dinars in 2022, compared to approximately 1.9 million Kuwaiti dinars in 2021. As did the parent company.