Dubai-based OSN is growing its revenues, according to majority owner KIPCO. Faisal Al Ayaar, Kipco’s (the Kuwait Projects Co.) vice-chairman, reported record revenues and profits for the Kuwaiti company’s overall trading and which include banking, real estate and insurance assets as well as its share in OSN.
Kipco’s net profit for 2015 reached $175 million, up 15 per cent on the 2014 numbers. Total revenues for the company’s activities last year rose 4 per cent to $2.1 billion, while Q4 (to December 31st) profit was $53 million, up 12 per cent on the same period in 2014.
Kipco doesn’t break out its divisional financial numbers for the year just yet. Its most recent quarterly numbers are for Q3 2015 and show an improvement in asset value for its ‘Media’ division and which includes OSN’s activity as growing from (Kuwait Dinars) 155.8 million to 165.5 million (as at September 30th).