Firm's Total Assets Up 6.7% At KD 179.6 Mln
KUWAIT CITY, May 6
United Industries Company (UIC), a member of the Kuwait Projects Company (KIPCO) Group, posted KD 3,618,768 in net profit for the first quarter of 2013. This represents an increase of 37% over the same period in 2012, where the company reported net profit of KD 2,648,662.
Earnings per share stood at 8 fils compared to 5.45 fils for same period in 2012. UIC's total assets came to KD 179.6 million, showing an increase of 6.7%. This is attributed to the increase in value of investments.
The share of income from associates (QPIC) went up 22% and came to KD 3.37 million compared to KD 2.76 million during the corresponding period in 2012. This is due to the achievement of better results by QPIC investments.
The share of income from subsidiaries (SADAFCO) went up 24% and came to KD 1.53 million compared to KD 1.23 million during corresponding period in 2012. This is mainly attributed to SADAFCO's improved sales and operational profit during the period. Commenting on the results, UIC's Chairman, Sheikh Khalifa Abdullah Al Jaber Al Sabah said that the Board of Directors approved the financial report for the first quarter of 2013. He noted that the achieved profits represented a good start to the year and would contribute to realizing the aspirations of the shareholders.He added: "I would like to express my heartfelt appreciation and gratitude to our valued shareholders for their trust and support. We hope to continue to prosper and succeed with our future plans."
© Arab Times 2013
