United Industries profit hits $23m
Kuwait, November 7, 2013
United Industries Company (UIC), a member of the Kuwait Projects Company (Kipoc) Group, posted a net profit of KD 6.587 million ($23.24 million) for the first nine months of 2013, an increase of 131 per cent over the same period in 2012.
Earnings per share stood at 14.69 fils compared to 5.97 fils for same period in 2012, said a statement.
UIC’s total assets came to KD227.9 million, showing an increase of 5.3 per cent. This is attributed to the increase in value of investments.
The share of income from associates (QPIC) went up 76pc and came to KD4.93 million compared to KD2.80 million during the corresponding period in 2012. This is due to the achievement of better results by QPIC investments.
The share of income from subsidiaries (Sadafco) went up 10pc and came to KD3.90 million compared to KD3.55 million during the corresponding period in 2012. This is mainly attributed to Sadafco’s improved sales and operational profit during the period.
Commenting on the results, UIC chairman, Sheikh Khalifa Abdullah Al Jaber Al Sabah said the board had approved the financial results for the first nine months of 2013. He noted that the management is keen on realising the aspirations of the shareholders. - TradeArabia News Service