United Industries Company (UIC), a member of the Kuwait Projects Company (Kipco) Group, has registered a solid growth in its net profit for 2013 which soared to KD28.08 million ($99 million).

This represented an increase of 739 per cent over the same period in 2012, where the company reported a net profit of KD3.34 million, said the company in its statement.

UIC is said to be the Kipco group’s investment arm in the industrial sector. The company invests its resources in the downstream industries sector in Kuwait and GCC countries.

Its authorized and paid-up capital currently stands at KD49.5 million. The core investments of the company are concentrated in Qurain Petrochemical Industries Company (QPIC).

The UIC’s total assets during 2013 rose to KD170 million. The earnings per share stood at 62.70 fils compared to 7.07 fils for 2012.

The share of income from QPIC surged by 45 per cent to hit KD5 million compared to KD3.45 million during 2012, it stated.  

The company divested one of its subsidiaries during the year and the profit from discontinued business (sale profit and operational profit) amounted to KD39.39 million compared to KD11.54 million (operational) during the last year, which represents increase of 241 per cent.

Chairman Sheikh Khalifa Abdullah Al Jaber Al Sabah said impressed with the results the board of directors has recommended the distribution of 25 per cent in cash dividends, or 25 fils per share to the shareholders.

On the results, Sheikh Khalifa Abdullah said it was mainly due to a better performance of its investments in addition to the exceptional profits of divesting Sadafco.-TradeArabia News Service