OSN “on course for revenue increases”
February 23, 2015
By Chris Forrester
OSN’s majority owner Kuwaiti financial conglomerate KIPCO reported its end-of-year numbers on February 21st, and saying that KIPCO had seen operating profits rise 26 per cent during 2014 from $451 million to $567 million.
Faisal Al Ayyar, KIPCO’s vice-chair said it was KIPCO’s 23 successive year of reporting profits.
KIPCO owns 60.5 per cent of Panther Media Group, a joint venture with Saudi Arabia’s Mawarid Holdings, and itself the operator of the OSN pay-TV business in Dubai. Al Ayyar said that OSN “remains on course [for] revenue increase”.
KIPCO doesn’t break out its individual divisional revenues at this stage, but at its 2014/half year position KIPCO’s share of Panther’s revenue and expenses showed half-yearly profit growth having doubled from KD 3.9 million (in 2013) to KD 6.7 million (at June 30th 2014) or $13.2 million to $22.7 million and based on revenues at mid-year 2004 KD 85 million.