Kuwait Projects Co (Kipco), the Gulf state's largest listed investment company, reported a 20 percent rise in first-quarter profit on Wednesday.

Kipco made a profit of 10.3 million dinars ($36.70 million) in the three months to March 31, up from 8.6 million dinars in the year-earlier period, the company said in a statement.

Kipco's first-quarter revenue rose 19 percent to 137 million dinars.

"Our first-quarter results reflect the continued double-digit profit growth that we expect from the company's core businesses in 2014," Tariq AbdulSalam, Kipco's Chief Executive Officer for Investments, said in the statement. – Reuters