The Board of Directors of the National Investments Company (NIC) has approved the consolidated financial statements for the company for the financial year ending on December 31, 2024. The company has reported exceptional growth, driven by a successful strategic vision and diversification efforts aimed at providing sustainable returns and maximizing shareholder value. NIC achieved a net profit of 12.1 million Kuwaiti dinars in 2024, representing a significant increase compared to the profit of 4.1 million dinars during the same period in 2023.
In addition, another profit of 11.7 million dinars was reclassified from comprehensive income to retained earnings, bringing the share's distributable profit to 30 fils for the financial year ended December 31, 2024. Khaled Waleed Al-Falah, Chairman of the Board, stated that 2024 was a year filled with noteworthy achievements for the company, showcasing its ability to meet strategic goals despite prevailing economic challenges.
Al-Falah emphasized that NIC maintained growth momentum throughout 2024, bolstered by a solid foundation supported by resilient strategic diversity, the seizing of promising opportunities, and risk mitigation measures. He pointed out that the company successfully adapted to the shifting economic landscape, demonstrating its competitive advantage and ensuring stability for the long term.
Regarding market performance, Al-Falah noted that the Kuwaiti stock exchange concluded 2024 with a strong collective performance across its indicators, with total trading value reaching 14.8 billion Kuwaiti dinars, up from 10.4 billion Kuwaiti dinars in 2023, marking a 42.7 percent increase. Notably, trading values for first market stocks constituted 65.9 percent of the total trading on the exchange.
The main market stocks showed a notable increase, capturing 34.1 percent of the total market trading, a significant rise from 20.8 percent the previous year. Al-Falah stated that the main market index outperformed both the general market index and the first market index for the fifth time since 2016.
Despite ongoing geopolitical tensions that cast a shadow over the global economy, NIC managed to reap the benefits of its strategic diversification in products and services, supported by a solid financial base and high-quality assets managed with prudent risk strategies. Al-Falah also highlighted the company’s commitment to high standards of sustainability, adhering to best practices in environmental, social, and governance (ESG) aspects, with a focus on seizing the best and most sustainable opportunities.
The company reported substantial financial indicators for 2024, with total assets amounting to 284 million Kuwaiti dinars and total equity for shareholders reaching 197.5 million Kuwaiti dinars. Al-Falah noted the company's remarkable achievement in maintaining positive performance metrics amidst rising geopolitical tensions and renewed concerns over tight monetary policies from the Federal Reserve.
NIC's financial indicators reflect a successful year, achieving net profits and remarkable growth in all key financial metrics. Positive performance was reported in the Kuwaiti market at 8 percent, the Dubai market at 27.1 percent, the Saudi financial market at 0.6 percent, and the Omani market at 1.4 percent, while the Qatari stock exchange and the Abu Dhabi market witnessed declines of 2.4 percent and 1.7 percent, respectively.
The Board of Directors recommended a cash dividend distribution of 22 percent of the share's nominal value, equating to 22 fils per share for the financial year ending on December 31, 2024. This recommendation underscores NIC's strong financial position and is subject to approval from the company's Annual General Assembly for shareholders registered by the meeting date.
In summary, the National Investments Company has demonstrated adaptability and resilience in 2024, successfully navigating significant market challenges while achieving remarkable financial results and maintaining a strong commitment to sustainability and governance standards.
