March 31 (Bloomberg) -- Kuwait Projects Co., known as Kipco, reduced debt by 120 million dinars ($420 million) last year and sees double-digit growth in core units in 2013, Vice Chairman Faisal Al-Ayyar said.
The debt was repaid by units Kipco Asset Management Co., United Gulf Bank and United Industries Co., Al-Ayyar told shareholders today at the Kuwait City headquarters of the country’s biggest privately owned investment firm.
“2013 could be a turning point in the outlook for the regional and local economies and our companies are ready to maximize the opportunities from this potential improvement in their respective markets,” he said. “Growth will come from our strategic core businesses.”
Kipco expects two of its companies, Orbit Showtime Network and Burgan Bank SAK, which in December acquired 99.3 percent of Istanbul-based Eurobank Tekfen AS, to increase revenue by at least 25 percent this year, Al-Ayyar said. Kipco’s food manufacturing and real estate businesses expect growth of 15 percent and 10 percent, respectively, he said.
Kipco, whose biggest shareholder is controlled by members of Kuwait’s ruling Al-Sabah family, has holdings in more than 60 companies. It reported a 4 percent rise in 2012 profit to 31.3 million dinars.
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