Kuwait projects company okays 20% cash dividends

The general assembly of the Kuwait Projects Company (KIPCO) has approved a cash dividend of 20 percent and a stock dividend of 5 percent for the 2013 FY.The announcement was made by KIPCO''''s Vice Chairman Faisal Al Ayyar during the company''''s annual transparency forum where KIPCO presented a review of 2013 and guidance for 2014 to an audience of shareholders, financial analysts and institutional investors.As part of its review of the last 12 months, he said that 2013 was its twenty-second consecutive year of profitability.The company met its objectives for 2013 and delivered on its promise to achieve double-digit growth for its core companies. KIPCO''''s revenue grew 34 percent from KD 414 million (USD 1.47 billion) in 2012 to KD 553 million (USD 1.96 billion) in 2013, and its profitability grew 27 percent from KD 32 million (USD 114 million) in 2012 to KD 40 million (USD 142 million) in 2013, he elaborated."At last year''''s transparency forum, we said we expected to see double-digit growth in 2013. During the year, our major core operating companies have delivered on this promise," Al Ayyar added. For instance, Burgan Bank''''s revenue increased 33 percent while Gulf Insurance Group''''s revenue was up 13 percent and OSN increased its revenue by 29 percent, he said.These results reflect the positive performance trends in the company''''s core sectors, and mark evidence of the growth of its affiliates in 2013 and their sound profitability, the KIPCO deputy chairman pointed out.Commenting on the outlook for 2014, Al Ayyar said: "We enter 2014 with profitable and growing businesses across the sectors in which we operate. We expect to continue to deliver double digit revenue and profit growth in the next three years. Indicators point to gradual local and regional economic recovery, and our companies are poised to benefit from this improvement in their respective markets and to continue to be profitable and dividend paying in 2014." The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of USD 30.5 billion as at 31 December, 2013. The Group has significant ownership interests in over 60 companies operating across 24 countries.The group''''s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.