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United Industries Co logs KD 4.3 mln 9-month profit; EPS clocks 13.04 fils

KIB posts KD 8.1 million Q3 earning
KUWAIT CITY, Oct 25: United Industries Company ( UIC ), a member of Kuwait Projects Company Group (KIPCO), posted net profits of KD 4.3 million for the first nine months of the year ended 30.9.2010.
Announcing these results, Chairman & CEO of UIC Essa Khalid Al-Essa said that UIC Board of Directors approved on Monday, 25/10/2010 the financial statements of the company for the first nine months of 2010, highlighting that the Company posted net profits of KD 4,313,323, compared with a realized loss of KD 3,958,040 for the corresponding period of the previous year, meaning that UIC 's results have improved by 209 percent compared to those of 2009.

Earning per share for first nine months stood at 13.04 fils per share, compared with a loss per share of 16.13 fils during the same period of 2009, noting that the earning per share of 13.04 fils for the first nine months of 2010 is calculated on the basis of the current capital of UIC which is KD 49,546,875, as per the International Accounting Standards. While, the loss per share of 16.13 fils during the previous period of 2009 was calculated on the basis of the Company's previous capital of KD 24,773,437.
"Share of income from associates increased by 174 percent (KD 2.433m) to KD 3,833,876 during the nine months period compared to last year same period income of KD 1,400,591 due to better profits from SADAFCO." Al-Essa added.

Investment in Associates increased by 97 percent (KD 74.3m) to KD 150.76m compared to KD 76.46m on Dec 9.

The total asset as on Sept 30, 2010 is KD 177.4 million stands increased by 37 percent (KD 47.8 million) compared to KD 129.6 million on Dec 31, 09. The increase in total asset is mainly attributable to acquisition of additional stake of KNIP and consolidation of investment in QPIC as KNIP became subsidiary effective from June 2010.

A total of KD 12.5 million, representing 15.2 percent of the company's total loans as on June 2010, were paid during the third quarter as part of the company's financial obligations repayment plan, which positively reflected on the financial statement of the company. Meanwhile the management is in negotiation with bank to reschedule one of the loans related to its subsidiary KNIP.

Kuwait International Bank (KIB) obtained the approval of the Central Bank of Kuwait to the financial statements for the Q3 periods ending Sept 30, 2010, dated Oct 24, 2010.

KIB reported a profit of KD 8.1 million for the three months ending Sept 30, 2010 as compared to a loss of KD 1.15 million incurred during the same period last year.
Particulars (9 months Sept 30, Sept 30,
ending) 2010 2009
Profit (Loss) (KD) 13,135,122 (4,645,651)
EPS (LPS) (fils) 14,07 (4,98)
Total current assets 1,090,685,697 1,098,501,847
Total assets 1,135,005,388 1,129,674,615
Total current liabi-
lities 943,304,098 964,646,279
Total liabilities 948,325,937 969,565,063
Total equity 186,679,451 160,109,552
The net profit includes total expenditure from transactions amounts to KD 13,438.

Kuwait Stock Exchange announced that the Board of Directors of the Credit Rating & Collection (CRC) met on Oct 25, 2010, and adopted the financial statements for the third quarter period ending Sep 30, 2010.
The company earned a profit of KD 102 thousand or 0.62 fils per share for the three months ending Sept 30, 2010 as compared to a loss of KD 730,000 incurred during the same period last year.
Particulars (9 months Sept 30, Sept 30,
ending) 2010 2009
Profit (Loss) (KD) 116,883 (246,427)
EPS (LPS) (fils) 0.71 (1.49)
Total current assets 17,765,043 20,962,080
Total assets 20,059,455 23,512,754
Total current liabilities 140,783 386,911
Total liabilities 289,772 546,475
Total equity 19,769,683 22,966,279
Total income from transactions is worth KD 426,023.

Board of Directors of the Al-Themar International Holding Company (Al-Themar) met on Oct 25, 2010, and adopted the financial statements for the six months period ending Sept 30, 2010.
Al-Themar earned a profit of KD 260,000 or 0.26 fils per share for the three months ending Sept 30, 2010 as compared to a profit of KD 655 thousand earned during the same period 2009.
Particulars (9 months Sept 30, Sept 30,
ending) 2010 2009
Profit (Loss) (KD) 478,457 (2,503,595)
EPS (LPS) (fils) 0.47 (2.47)
Total current assets 7,251,262 7,530,901
Total assets 170,392,194 162,322,440
Total current liabilities 61,003,795 3,094,899
Total liabilities 61,077,997 63,162,505
Total equity 109,314,197 99,159,935

Board of Directors of the Injazzat Real Estate Development Company (Injazzat) met on Oct 25, 2010, and adopted the financial statements for the nine months period ending Sep 30, 2010.
For the three months ending Sept 30, 2010 Injazzat earned a profit of KD 368,000 with earning per share valued at 1.08 fils as compared to a profit of KD 227,000 earned during the same period 2009.
Particulars (9 months Sept 30, Sept 30,
ending) 2010 2009
Profit (Loss) (KD) 377,623 2,817,816
EPS (LPS) (fils) 1.11 8.15
Total current assets 17,273,736 26,454,553
Total assets 167,904,366 193,257,076
Total current liabilities 78,474,750 68,576,789
Total liabilities 107,688,916 110,370,862
Total equity 60,215,450 82,886,214
Total income from transactions is worth KD 52,491.

Ajwan Gulf Real Estate Company reported that Al Bilad Real Estate Investment Company has expressed interest in acquiring at least 51 percent of its issued shares through a share swap. Al Bilad mentioned in a letter of intent that the offer's prerequisite is that Ajwan shareholders who wish to sell their shares to Al Bilad must use the proceeds to subscribe to Al Bilad's planned capital increase.

Al Bilad has already agreed, in principle, with a number of major shareholders in Ajwan to buy their combined 50 percent stake in the company according to this condition. Al Bilad also offered to acquire at least 45 percent of Kuwait's Real Estate Asset Management Company (REAM), through a share swap as well.

© Arab Times 2010