Profiting off people's boredom? Cable television brings Kuwait's KIPCO profits up 75%
Kuwait Projects Co (KIPCO), the Gulf state’s largest investment company, reported a 75 per cent rise in fourth-quarter net profit on Tuesday, saying its pay-television company OSN had performed especially well.
Net profit in the three months to the end of December was 14 million Kuwaiti dinars ($49.7 million), compared to 8 million dinars in the same period last year, the group said in a statement.
KIPCO, a regional investment house with stakes in media, industrial, financial and real estate companies, said in June it was planning an initial public offering of OSN, which it said on Tuesday had nearly one million subscribers.
However, it did not give an update on the IPO plans in its results statement, which said KIPCO’s full-year net profit rose 27 per cent to 40.1 million dinars.
“We believe that all signs point to an economic recovery that will allow KIPCO to continue its growth trend in the coming years,” it said. The KIPCO board had recommended a cash dividend of 20 per cent and a five per cent stock dividend.
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