KUWAIT CITY: The United Industries Company (UIC) -- a member of the KIPCO Group -- has announced a net profit of KD 526,807 ($1,994,270) for the three months period ended March 31, 2008. UIC's operational profits during the first quarter of 2008 rose to KD 696,785, an increase of 217 percent (KD 1.3 million) comparing to the loss of KD 597,808 for the corresponding period of 2007. UIC's share of income from associates increased by 1,715 percent (KD 2.6 million) to reach KD 2,747,200 versus last year KD 151,386, mainly due to raised share of profit from Qurain Petrochemical Industries Company and SADAFCO, in addition to improved operational results of Hempel Middle East due to better market conditions.
UIC's earnings per share in the first three months of 2008 reached 2.14 fils/share.
The value of UIC's total assets grew by KD 72 million to reach KD 192.7 million -- a 60 percent increase on the KD 120 million for the same period of 2007.
The Chairman of UIC, Sheikh Khalifa Al Abdullah Al Jaber Al Sabah, commented:
"The management is executing a comprehensive strategic plan designed to define the Company's business directions and policies during the next five years. The new plan stems from focusing the Company's investment base on three major sectors, using three strategic thrusts, leading to a final goal of tripling the company's profits upon the completion of the plan."
United Industries Company (UIC) is a member of KIPCO Group and considered as the Group's investment arm in the industrial sector. 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 24,773,437.500 ($93,838,777).
The core investments of the Company are concentrated in:
* Saudi Dairy and Foodstuff Company (SADAFCO).
* United Oil Projects Company.
* Hempel Paints Middle East.
* Qurain Petrochemical Industries Company.
* Amaken United Real Estate Company.
The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with assets worth more than $21 billion under management or control. The Group has substantial ownership interests in a portfolio of 50 companies operating across 21 countries. The company's main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in real estate, industry, healthcare and the management & advisory sector.
The Board of directors of Kuwait Pipes Industries and Oil Services Company was convened on April 21 approved the recommendation for the distribution of cash dividends at 30 percent of the nominal value (30 fils per share) and bonus shares at 5 percent of the paid-up capital (5 shares for every 100 shares) for the financial year ending Dec 31, 2007. The company's shares will be issued from Tuesday April 22, 2008.
The general assembly meeting of the Jeezan Holding Company will be held on May 11 at 11 am, in the Ministry of Trade and Industry where the board would be discussing the recommendation of the Governing Council for the financial year ending Dec 31, 2007 to distribute bonus shares at 20 percent of the paid-up capital (20 shares for every 100 shares. Note that this recommendation is subject to approval by the General Assembly and the competent authorities. The board will also discuss other items on the agenda.
Kuwait Stock Exchange (KSE) announces that the Board of Directors of the Kuwait Insurance Company will meet on Tuesday April 22 at 12:30 pm, in order to discuss the interim financial statements for the first quarter for the period ending March 31, 2008.
© Arab Times 2008
