Kuwait-based United Industries Company has registered a net profit of KD5.15 million ($18.2 million) for the first quarter, up 43 per cent when compared to KD3.61 million during the same period in 2013.

A member of the Kuwait Projects Company (Kipco) Group, United Industries said its total assets surged 2.6 per cent to hit KD174.5 million driven by an increase in value of investments.

The earnings per share stood at 11.56 fils compared to 8 fils for same period in 2013.

The share of income from associates (QPIC) went up 68 per cent and came to KD5.66 million compared to KD3.37 million during the corresponding period in 2013. This is due to the achievement of better results by QPIC investments and recent stake increase in QPIC.

Commenting on the results, United Industries chairman Sheikh Khalifa Abdullah Al Jaber Al Sabah said the achieved profits represented a good start to the year and would contribute to realizing the aspirations of the shareholders.

“I would like to express my heartfelt 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 added.-TradeArabia News Service