Kuwait’s Kipco says in line to meet 2016 profit target as second quarter rises 8%

Dubai: Kuwait Projects Co (Kipco), the Gulf state’s largest listed investment company, said on Wednesday it was on track to meet its high single digit year-end profit target as it reported an 8 per cent rise in second-quarter net profit. Kipco made a net profit of 14.5 million dinars (Dh176.2 million, $47.96 million) in the three months to June 30, up from 13.4 million dinars in the year-earlier period, the company said in a bourse statement. Kipco is a regional investment house with stakes in media, industrial, financial and real estate companies.