Kipco Q4 net profit up 19pc
Kuwait City, February 21, 2013
Kuwait Projects Company (Kipco), the country's largest investment company by assets, reported a 19 per cent rise in fourth-quarter net profit and said its media sector in particular had boosted earnings in 2012.
Kipco made KD7.6 million ($26.9 million) in the three months to the end of December compared to KD6.4 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 KD10 million.
For the full year, the firm made KD31.3 million in 2012 compared to KD30 million 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 KD0.02 per share and five bonus shares for every 100 held. – Reuters
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