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UPDATE 1-Kuwait's KIPCO Q4 net profit up 19 percent
February 21, 2013 / 11:56 AM / 5 years ago

UPDATE 1-Kuwait's KIPCO Q4 net profit up 19 percent

* Q4 net profit 7.6 mln dinars vs 6.4 mln dinars yr-ago - statement

* 2012 net profit 31.3 mln dinars vs 30 mln dinars in 2011

* Media division helps boost earnings (Recasts with Q4 figures, detail)

KUWAIT, Feb 21 (Reuters) - Kuwait Projects Company (KIPCO), the country’s largest investment company by assets, reported a 19 percent rise in fourth-quarter net profit and said its media sector in particular had boosted earnings in 2012.

KIPCO made 7.6 million dinars ($26.9 million) in the three months to the end of December compared to 6.4 million in the same period the year before, it said in a statement on Thursday.

The result missed the estimate of EFG Hermes, which expected a profit of 10 million dinars.

For the full year, the firm made 31.3 million dinars in 2012 compared to 30 million dinars in 2011.”

Profits rose in all of the company’s core sectors, with its broadcast company OSN showing a significant improvement, the statement added.

KIPCO said its board had recommended a dividend of 0.02 dinars per share and five bonus shares for every 100 held.

$1 = 0.2825 Kuwaiti dinars Reporting by Sylvia Westall; Editing by David French

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