Record profit for UIC
KUWAIT CITY: The United Industries Company (UIC) - a member of the KIPCO Group - has announced a record net profit of KD 28,637,773 ($102,277,760) for the nine months period ended Sept 30, 2007.
UIC's operational profits during the third quarter of 2007 rose to KD 2.95 million, an increase of 1,304 percent on the loss of KD 0.24 million for the corresponding period of 2006. UIC's operational profits for the first nine months of 2007 have now reached KD 9.27 million, a 1,931 percent increase comparing the first nine months of 2006. Profit from UIC's investment activities during the first nine months period increased by a staggering 1,869 percent (equivalent to KD 10.4 million), to reach KD 9,851,159, compared to a loss of KD 556,934 for the corresponding period in 2006. Profits generated from selling investments available for sale also increased by 187 percent (equivalent to KD 1.7 million) to reach KD 2,603,593 compared to KD 908,584 in the first nine months of 2006. UIC's earnings per share in the first nine months of 2007 increased by 254 percent to reach 124.16 fils compared to 35.03 fils for the corresponding period of 2006. In the third quarter, the value of UIC's total assets grew by KD 47.5 million to reach KD 169.7 million -- a 39 percent increase on the KD 122.2 million for the same period of 2006. Current assets now constitute 14.1 percent of the company's total assets, whereas non-current assets constitute 85.9 percent.
The Chairman of UIC, Sheikh Khalifa Al Abdullah al Jaber Al Sabah, commented: "These third quarter result are extremely impressive. While they include exceptional items of almost KD 20.4 million from the sale of investments in subsidiary companies during the first quarter of the year, they also demonstrate the strong underlying growth in our business."
"Although the third quarter profits are very gratifying, we aspire to grow our business even further. We have bold and ambitious plans to diversify our income streams though acquisitions, start-ups and joint ventures. By careful assessment of risk and reward, I fully expect these plans to create exciting and highly profitable opportunities for this company in the very near future."
United Industries Company (UIC) is a member of KIPCO Group and considered as the Group's investment arm in the industrial sector. United Industries Company (UIC) is a closed shareholding company, established in 1979. UIC was listed on Kuwait Stock Exchange in 1997. The Company invests its resources in the downstream industries sector in Kuwait and GCC countries. Authorized and paid-up capital of UIC currently stands at KD 23,593,750 ($81,639,273). The core investments of the Company are concentrated in.
Kuwait Stock Exchange (KSE) announces that the Central Bank of Kuwait (CBK) approved on Oct 18, 2007 the request of Kuwait Finance and Investment Company to buy 10 percent of its shares for a period of six months provided the company complies with the CBK's controls and conditions, provisions of Article 115 of the Business Companies Act and the provisions of ministerial decision 10/1987, which was amended by ministerial decision 11/1988 and 273/1999.
Kuwait Finance and Investment Company (KFIC) is a Kuwaiti shareholding company established on March 27, 2000 and got listed at the KSE on July 28, 2003. It is engaged in consumer and commercial financing activities as well as in investment services and management of funds and portfolios. The company's financing services include consumer housing and commercial loans and its investment services segment covers areas such as asset management, ventures, buyouts, flotation and placements.
Kuwait Stock Exchange (KSE) announces that the general assembly of Mushrif Trading and Contracting Company convened on Oct 21, 2007 and the Governing Council endorsed the appointment of the new board members for the next three years.
Accordingly, Khadda Murad Morteza Dehghani, Mohsen Khadda Murad Morteza Dehghani, Gulf Consortium 2 (holds three seats), Wazzan Kuwait General Trading and Contracting Company and Wazzan Real Estate Company are the new board members.
Established in 1968, Mushrif is now one of the leading and fastest growing construction companies in the Gulf region. Based in Kuwait with more than 39 years of experience as a heavy building and infrastructure contractor and nearly 3000 employees, Mushrif has made its mark in a number of important projects in the Gulf Region in the fields of water/wastewater treatment, oil and gas, pipelines and pump stations, roads and highways, airports and runways, building and infrastructure works and other industrial projects.
© Arab Times 2007
