Kuwait Projects Company (Kipco) reported a 10.5 per cent year-on-year net profit increase in the second quarter of 2013. The holding company announced net profit of KD9.5m ($33.3m) for the second quarter of this year, compared with KD8.6m in the same period last year.

Kipco’s revenues for the first six months of 2013 increased by 22.5 per cent to KD307.6m.

Revenues of its financial services and media segments rose 19 per cent and 42 per cent respectively during the first half of the year, while manufacturing industries and real estate operations reported a 13 per cent and 19 per cent rise in revenues.

“These results show that our core companies are producing the performances we expected and that we are on course to meet our revenue growth target. We believe these growth levels will continue – and perhaps even accelerate – during the rest of the year,” said Tariq Abdulsalam, Kipco’s chief executive officer, investments.

In June, Kipco hired Rothschild to advise on the options for an initial public offering of pay-TV company OSN.