KUWAIT, 24 April 2006 — Kuwait Projects Company (KIPCO) is expecting at least 25 percent growth in its 2006 profit, the firm’s chairman said in remarks published yesterday. KIPCO’s 2005 profit jumped 52 percent to 38 million dinars ($130.1 million), a fourth of it from pending asset sales. “We feel content with the exceptional results in 2005 and we expect better in 2006,” Faisal Al-Ayyar was quoted by Kuwait daily Al-Qadas as saying. He said, without providing details, that profits in the first quarter of 2006 would be “excellent.” KIPCO is a holding firm with about $15 billion in assets. Al-Ayyar also said the initial public offering for Showtime Arabia, which is owned by KIPCO, was on track but declined to provide a specific date.