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Kuwait-based KIPCO, and which backs the Dubai-based pay-TV operator OSN, says it plans to double profits by 2018. The holding company revealed its Q1/2015 revenues and profits on May 2nd. KIPCO owns 60.5 per cent of OSN.
Its net profit of Kuwait Dinars 12 million ($40 million) for the first three months of 2015 – an increase of 17 per cent over the KD 10.3 million ($34.3 million) profit reported for the same period last year.
“As we announced in our recent Shafafiyah Investors’ Forum, our first quarter results are on course with our objectives of doubling our 2014 profits by 2018, driven by underlying operating profit growth across our core companies. The revenue and operating profit growth trends in our main operating entities during the first quarter of 2015 are an indication of the positive performance we expect for the remainder of the year.”
KIPCO has not broken yet out its revenue/profit numbers for OSN, but the most recent period (12 months to December 31st 2014) shows that revenues for OSN rose from KD 139.4 million to KD 179.1 million. OSN’s total profit for 2014 rose from KD 10.4 million to KD 18.9 million.