Kuwait firm’s profit up 131pc

01 December 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 for the same period 2012.

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 the same period in 2012. There are 1,000 fils to a Kuwaiti dinar.

UIC’s share of income from associates 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. 

Commenting on the results, UIC chairman Sheikh Khalifa Abdullah Al Jaber Al Sabah said: “We hope to continue to prosper and succeed with our future plans.”

The share of income from subsidiary Sadafco went up 10 per cent to touch KD3.9 million. This was mainly due to Sadafco’s improved sales and operational profit during the period, Sheikh Khalifa said.

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