Gulf Investment Corporation (GIC) announced its financial results for the fiscal year ending December 31, 2024, reporting a net profit of $239 million. This announcement follows the approval of the Corporation’s financial statements by the Ordinary General Assembly, which was held on Sunday, April 20, 2025, at the Corporation’s headquarters in the State of Kuwait.
Commenting on the 2024 financial results, Mr. Turki bin Ibrahim Al-Malik, Chairman of the Board, stated: “Thanks to God Almighty, the Corporation succeeded in achieving a net profit of $239 million, representing an 18% increase compared to the previous year, despite the various economic challenges that affected both global and regional markets.”
Mr. Turki reaffirmed confidence in the Corporation’s robust business model, solid financial position, and healthy liquidity levels. This is evident through the affirmation of the Corporation’s credit ratings by major international agencies, including Moody’s, which confirmed its long-term rating at A2 and short-term rating at P1, with a stable outlook.
He added: “In line with the Corporation’s commitment to enhancing its role and increasing its economic contribution across the GCC, GIC has continued to invest in new projects within the region. The Corporation has also supported its investments across various sectors, including stakes in several companies such as Action Energy Company in Kuwait, Tamkeen Holdings in the UAE, and OQ Base Industries in Oman. Currently, GIC is executing two major projects: The Strategic Water Reservoirs Project in Saudi Arabia, and The AlWakrah and AlWukair STP in Qatar. Additionally, the Corporation has submitted a bid for the AlZour 2&3 IWPP in Kuwait in partnership with Saudi Arabia’s ACWA Power.”
Mr. Turki continued: “The Corporation’s global markets portfolio also played a key role in its positive performance in 2024, through investments in various funds and portfolios aimed at maximizing returns while maintaining targeted risk levels.”
Mr. Turki concluded: “All of GIC’s business activities delivered strong performance during 2024, which can be attributed to the Corporation’s policy of risk diversification, and revenue stream diversification. This was further supported by the Corporation’s efforts to review and enhance various investment strategies, strengthen risk management systems, and reinforce the governance framework overall.”
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For more information, please contact Mr. Khaled Al-Suraye, Head of Public Relations at GIC at: +965-22225426
