Kuwait's KIPCO posts 19% rise in Q4 profit

Country's largest investment firm says media sector interests boost earnings in 2012
OSN is a unit of Kuwait Projects Co
By Reuters
Fri 22 Feb 2013 12:50 PM

Kuwait Projects Company (KIPCO), the country's largest investment company by assets, reported a 19 percent rise in fourth-quarter net profit and said its media sector in particular had boosted earnings in 2012.

KIPCO made KD7.6m ($26.9m) in the three months to the end of December compared to KD6.4m in the same period the year before, it said in a statement.

The result missed the estimate of EFG Hermes, which expected a profit of KD10m.

For the full year, the firm made KD31.3m in 2012 compared to KD30m in 2011.

Profits rose in all of the company's core sectors, with its broadcast company OSN showing a significant improvement, the statement added.

KIPCO said its board had recommended a dividend of 0.02 dinars per share and five bonus shares for every 100 held.

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