Oct 30 2005 |
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Kuwait: UIC net profit leaps 259pc to KD6.66m
30 October 2005KUWAIT CITY -- United Industries Company (UIC), part of Kuwait Projects Company (KIPCO), has announced a 259 per cent leap in net profits for the first nine months of 2005 to KD6.66 million ($ 22.81 million), compared with KD1.85 million ($ 6.33 million) in the same period last year.
Earnings per share for the period rose to 44.39 fils (15.20 cents), compared with 12.51 fils (4.28 cents) in the first nine months of 2004.
UIC chairman Shaikh Khalifa Al Abdulla Al Jaber Al Sabah said the company's sales grew 56 per cent in the nine months period, supported by improved conditions in local markets.
Sales volume for UIC subsidiary United Fisheries Company of Kuwait (UFK) increased 30 per cent, while the sales of subsidiary Kuwait United Catering & Hotels Management Company posted a remarkable growth of 100 per cent.
Sales of associate United Projects Company jumped 88 per cent, favourably reflecting on net profits, with the company's operating results showing a growth rate of 670 per cent compared with profits of the same period in 2004.
© Khaleej Times 2005
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