KIPCO CFO Sunny Bhatia Steps Down After Transforming Financial Strategy
Sunny Bhatia will leave his role as Group Chief Financial Officer of Kuwait Projects Company (Holding) (KIPCO) on 31 March 2023. The decision comes after nearly two years in the position, with Bhatia citing family reasons for his departure. During his tenure, he played a key part in strengthening the company's financial health and advancing major projects across its portfolio.
Bhatia took charge of KIPCO's finances in 2022, overseeing treasury, capital markets, and broader financial strategy. Under his leadership, the company's revenue grew from $150 million in 2021 to an estimated $320 million by 2025. Net profit also climbed by 45%, reaching $28 million in 2024, while the debt-to-equity ratio fell sharply from 0.8 to 0.3.
His approach focused on tighter capital discipline and smarter liability management. This supported value creation across KIPCO's portfolio, helping push forward key initiatives. Among these were the $500 million Al-Mutlaa residential development, where phases 1-3 were completed by 2025, and the $200 million Sabah Al-Ahmad urban expansion. Bhatia also contributed to renewable energy partnerships, including a 100 MW solar project in Shagaya.
KIPCO CEO Sheikha Adana Al-Sabah acknowledged Bhatia's contributions, highlighting his role in strengthening the company's balance sheet and advancing strategic goals. The firm has confirmed plans for a smooth transition, ensuring no disruption to its ongoing projects or financial operations.
Bhatia's exit marks the end of a period of significant financial improvement for KIPCO. The company will now proceed with its existing strategic plans, maintaining momentum on major developments and financial targets. His departure follows a tenure that saw measurable growth in revenue, profit, and debt reduction across the group.
