Kuwait’s KIPCO Q3 Net Profit Rises 26%

KIPCO made a net profit of KD10.1 million ($34.8 million) in the three months to Sept. 30, up from KD8 million in the same period of 2013, it said in a statement.



Kuwait Projects Co (KIPCO), the Gulf state’s largest investment company, posted a 26 per cent rise in third-quarter net profit on Tuesday.

KIPCO made a net profit of KD10.1 million ($34.8 million) in the three months to Sept. 30, up from KD8 million in the same period of 2013, it said in a statement.

KIPCO, a regional investment house with stakes in media, industrial, financial and real estate companies, should achieve double-digit growth in 2014, KIPCO chief executive Tariq AbdulSalam said in the statement without elaborating.

In August, KIPCO rejected a $3.2 billion takeover offer from a U.S. private equity firm for its pay-television subsidiary OSN, which KIPCO had said may list on the London stock exchange in 2014.