News Column

Kipco 'on track to hit double digit goal'

August 1, 2014

KUWAIT PROJECTS COMPANY (Kipco), the Gulf state's largest privately-owned investment company, said it was on track to hit its target of a double-digit rise in revenue this year after reporting an 18 per cent increase in the first half.Net profit in the second quarter to 30 June rose 20 per cent to KD11.4 million ($40.4 million), the company said in a statement, without giving a reason for the profit or revenue increases.

Kipco, a major regional investment house with stakes in media, industrial, financial and real estate companies, said first half revenue rose to KD289 million.

Kipco is the majority owner of Middle Eastern pay-television business OSN. The parent firm said last month an unnamed buyer had launched a full takeover bid for OSN, a deal that could prove to be one of the largest acquisitions of a regional business in recent years.

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Source: Gulf, The (Bahrain)

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