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UPDATE 1-Kuwait's KIPCO Q4 net profit up 75 pct, helped by pay-TV asset
February 18, 2014 / 12:06 PM / 4 years ago

UPDATE 1-Kuwait's KIPCO Q4 net profit up 75 pct, helped by pay-TV asset

* Q4 net profit 14 mln dinars versus 8 mln a year ago

* Pay-TV group OSN, awaiting IPO, adds subscribers (Add full-year figures, details on OSN, outlook)

KUWAIT, Feb 18 (Reuters) - 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 strongly.

Net profit in the three months to the end of December was 14 million Kuwaiti dinars ($49.7 million), compared to 8 million dinars 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, said in June it was planning an initial public offering of OSN, which it said on Tuesday had nearly one million subscribers.

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 40.1 million dinars.

“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. The KIPCO board had recommended a cash dividend of 20 percent and a 5 percent stock dividend. ($1 = 0.2819 Kuwaiti dinars) (Reporting by Sylvia Westall; Editing by Andrew Torchia/Mark Heinrich)

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