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Tue 18 Feb 2014 03:27 PM

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Pay-TV firm OSN boosts profits of Kuwait's KIPCO

Investment firm reports 75% rise in Q4 net profit amid strong performance of Dubai-based OSN

Pay-TV firm OSN boosts profits of Kuwait's KIPCO
David Butorac, CEO of Orbit Showtime Network. (Photo for illustrative purposes only)

Kuwait Projects Co (KIPCO), the Gulf state's largest investment company, reported a 75 percent rise in fourth-quarter net profit on Tuesday, saying its pay-television company OSN had performed especially well.

Net profit in the three months to the end of December was KD14 million ($49.7 million), compared to KD8 million in the same period last year, the group said in a statement.

KIPCO, a regional investment house with stakes in media, industrial, financial and real estate companies, added that its board had recommended a cash dividend of 20 percent and a 5 percent stock dividend.

However, it did not give an update on the IPO plans in its results statement, which said KIPCO's full-year net profit rose 27 percent to KD40.1 million.

"We believe that all signs point to an economic recovery that will allow KIPCO to continue its growth trend in the coming years," it said.

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