Oct 26 2011 |
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Kuwait: UIC posts profit in first nine months of 2011
KIPCO unit earns KD 1,022,457 in Jan-Sept periodKUWAIT CITY, Oct 26: United Industries Company ( UIC ), a member of Kuwait Projects Company Group (KIPCO), posted net profits of KD 1,022,457 for the first nine months in 2011. Announcing these results, Chairman & CEO of UIC , Essa Khalid Al-Essa said that UIC Board of Directors approved on 26th October, 2011 the financial statements of the company for first nine months ended Sept 30, 2011, and that the Company posted net profits of KD 1,022,457 compared with net profits of KD 4,313,323 for the same period in 2010.
Also highlighting that the decrease in current period's profit compared to the corresponding period is because last year profit included KD 3.35 million divestment income of SNZMP. Earnings per share for the period stood at 2.07 fils per share, compared with earning per share of 13.04 fils for the same period in 2010. "Share of income from associates increased by 73% to KD 6.63 million during the period compared to same period last year income of KD 3.83 million due to share of income from QPIC which increased by 361% (KD 5.22 million) to KD 3,775,666 compared to share of loss KD (1,448,316) in the same period last year, due to better dividend received from Equate and profit from Equate capital reduction, as well as improved performance resulting operational profit at KARO which caused losses during last year.
In addition to share of income from SADAFCO for the period of KD 2,926,606 as operational profit during current year (January - September) shows a net profit growth of 5% due to increase in sales by 24%," Al-Essa added. Finally he concluded, "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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