By Staff writer
Gulf state's largest investment company admits it expects to see difficult trading conditions this year
Kuwait Projects Co (KIPCO), the Gulf state's largest investment company, said on Wednesday it remains on track to double its 2014 profits by 2018 despite difficult trading conditions.
The regional investment house, with stakes in media, industrial, financial and real estate companies said it expected revenues to see single digit growth this year.
KIPCO shareholders also approved a cash dividend of 25 percent, a statement said, adding that 2015 was its 24th consecutive year of profitability.
Its net profit in 2015 increased 15 percent to KD53.03 million ($175 million), while total revenue from continuing operations increased 4 percent to KD621 million.
In its outlook for 2016, KIPCO said it expects that its portfolio of core companies - which includes Burgan Bank, OSN, Gulf Insurance Group, United Real Estate and KAMCO - will continue to deliver revenue growth over the next year.
Faisal Al Ayyar, KIPCO's vice chairman (executive), said: "Last year, we promised to double our 2014 profit by 2018, and our companies are on track to deliver this."
He added: "We enter this year with the expectation that it will continue to bring difficult trading conditions. While KIPCO is moving forward confidently along the track of doubling its 2014 profit by 2018, we expect these global market circumstances to result in revenue growth in the high single digit for KIPCO in 2016."