Feb 06 2011 |
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UIC posts KD 4.045 million net profits; EPS 10.89 fils
Total assets up 37 percentKUWAIT CITY, Feb 6: United Industries Company ( UIC ), a member of Kuwait Projects Company Group (KIPCO), posted net profits of KD 4.045 million for the year ended 31/12/2010.
Announcing these results, Chairman & CEO of UIC Essa Khalid Al-Essa said that UIC Board of Directors approved on Sunday, 6/2/2011 the financial statements of the company for 2010, highlighting that the Company posted net profits of KD 4,045,494 compared with net loss of KD 7,359,727 for the previous year, meaning that UIC 's results have improved by 155 percent compared to 2009.
Earnings per share for the year stood at 10.89 fils per share, compared with a loss per share of 29.99 fils for 2009, noting that the earning per share of 10.89 fils for 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 29.99 fils for the previous year was calculated on the basis of the company's previous capital of KD 24,773,437.
"Share of income from associates increased by 140 percent to KD 4.997m during 2010 compared to last year income of KD 2.09m due to better profits from SADAFCO." Al-Essa added.
Investment in Associates increased by 101 percent (KD 77.1m) to KD 153.6m compared to KD 76.47m on December '09.
The total asset as on Dec 31, 2010 is KD 178.1 million, grew by 37 percent (KD 48.5 million) compared to KD 129.6 million on 31, December 2009. The increase in total asset is mainly attributable to acquisition of additional stake of KNIP and consolidation of investment in QPIC as KNIP was reclassified as subsidiary effective from June 2010.
A total of KD 27.5 million, representing 28.2 percent of the company's total borrowings as on Dec 31, 2009,including repayment of bonds of KD 15 million, were paid during the 2010 as part of the company's financial obligations repayment plan, which positively reflected on the financial statement of the company.
Also the company has finalized the negotiation and agreed with bank to reschedule a loan of KD 22.5 million. Meanwhile the management is studying the feasibility of issuing new bonds during the coming period aiming at reducing the borrowing cost.
Finally he added, "I would like to express my heartfelt appreciation and gratitude to our valued shareholders, for their trust and support and that we invoke the Almighty God to favor us in our future plans for the prosperity of our shareholders and beloved Kuwait."
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