July 23, 2014 / 12:21 PM / in 3 years

UPDATE 1-Kuwait's KIPCO on track to hit revenue goal

* Q2 net profit 11.4 mln dinars, up 20 pct

* On track for double-digit revenue growth in 2014

* H1 revenue 289 mln dinars, up 18 pct (Adds details, quote)

DUBAI, July 23 (Reuters) - Kuwait Projects Co (KIPCO), the Gulf state’s largest privately owned investment company, said it was on track to hit its target of a double-digit rise in revenue this year after reporting an 18 percent increase in the first half.

Net profit in the second quarter to June 30 rose 20 percent to 11.4 million dinars ($40.4 million), the company said in a statement on Wednesday without giving a reason for the profit or revenue increases.

Arqaam Capital had expected KIPCO to make a profit of 12 million dirhams 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 289 million dinars.

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. ($1 = 0.2824 Kuwaiti Dinars) (Reporting by Nadia Saleem; Editing by Erica Billingham)

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