United Industries net profit up 131pc
Kuwait, November 9, 2013
United Industries Company (UIC), a member of the Kuwait Projects Company (Kipco) Group, has registered a net profit of KD6.6 million ( $23.2 million) for the first nine months, up 131 per cent compared to KD2.85 million last year.
Announcing the results, the Kuwaiti company said its total assets surged 5.3 per cent to KD228 million mainly due to the increase in value of investments. The earnings per share stood at 14.69 fils compared to 5.97 fils for same period in 2012.
UIC's share of income from associates (QPIC) went up 76 per cent and came to KD4.93 million compared to KD2.8 million during the corresponding period in 2012.
This was due to the achievement of better results by QPIC investments, said a statement fro the Kipco company.
Commenting on the results, UIC chairman Sheikh Khalifa Abdullah Al Jaber Al Sabah said “I would like to express my appreciation and gratitude to our valued shareholders for their trust and support. We hope to continue to prosper and succeed with our future plans.”
He said the company management was keen on realizing the aspirations of the shareholders.
The share of income from subsidiaries (Sadafco) went up 10 per cent to touch KD3.9 million compared to KD3.55 million during the corresponding period in 2012. This was mainly due to Sadafco’s improved sales and operational profit during the period, he added.-TradeArabia News Service