United Industries net profit up 179pc
Kuwait, October 23, 2012
United Industries Company (UIC), a member of Kuwait Projects Company (Kipco) Group, has posted a net profit of KD2.85 million for the first nine months, up 179 per cent over the same period last year.
The UIC in a statement said the company's earnings per share for the first nine months stood at 5.97 fils, compared to 2.07 fils in 2011. For the third quarter (July to September), net profit increased 315 per cent to KD337,925 compared to KD 81,407 for the same quarter last year.
The share of income from associates came to KD6.35 million due to the increase in share of income from Sadafco by 21 per cent. Share of income from QPIC came to KD 2,801,078.
Investment in associates increased 4 per cent to KD151.36 million compared to KD144.95 million last year due to profit share from Sadafco and QPIC as well as share in fair valuation of QPIC investments.
Commenting on the results, UIC chairman, Sheikh Sabah Mohamed Abdul Aziz Al Sabah said that total asset as of September 30, surged to KD167.1 million. "We hope to continue to prosper and succeed with our future plans," he added.-TradeArabia News Service