Kuwait Projects Co, the country’s biggest privately owned investment firm, expects profit to grow this year as the company seeks acquisition opportunities.
"We feel from the first quarter’s sign that there will be a growth in profit this year compared with last year," vice chairman Faisal Al Ayyar told shareholders Wednesday in Kuwait City.
"We believe acquisitions will contribute more to our profit this year than the exiting of investments." He didn’t provide more details on profit growth.
Kuwait Projects, also known as KIPCO, posted a 22 percent increase in 2010 profit to KD45m ($162m), according to Bloomberg data.
KIPCO, which has holdings in more than 60 companies, sold a stake in Gulf Insurance Co to Fairfax Financial Holdings Ltd for $208.6m in September.
The company expects its Bahrain-based Taka’Ud Savings & Pensions Co to start operations in the second half, Al Ayyar said. KIPCO said in March 2010 it signed a memorandum of understanding with Germany’s Munich Re to set up a company to offer pension products in the Middle East and North Africa.
Shareholders of KIPCO approved Wednesday a five percent increase in the company's capital to KD127.3m ($459.2m) through the distribution of bonus shares.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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