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Wed 23 Jul 2014 03:27 PM

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Kuwaiti investment giant posts 20% rise in Q2 net profit

Kuwait Projects Co says it made more than $40m net profit in the three months to end-June

Kuwaiti investment giant posts 20% rise in Q2 net profit

Kuwait Projects Co (KIPCO), the Gulf state's largest investment company, reported a 20 percent rise in second-quarter net profit on Wednesday.

Net profit in the three months to June 30 was KD11.4 million ($40.4 million), compared with KD9.5 million in the same period last year, a statement from the company said.

Arqaam Capital had expected KIPCO to make a profit of KD12 million in the quarter.

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 earlier this week 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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