Earnings per share 5.45 fils
KUWAIT CITY: United Industries Company (UIC), a member of Kuwait Projects Company Group (KIPCO), posted net profits of KD 2,648,662 for first quarter of 2012. Announcing these results, Chairman & CEO of UIC Essa Khalid Al-Essa said that UIC Board of Directors approved on 01 May, 2012 the financial statements of the company for quarter ended 31 March 2012, and that the Company posted net profits of KD 2,648,662 compared with net profits of KD 1,238,911 for same period of 2011. Earnings per share for the first quarter stood at 5.45 fils per share, compared with earning per share of 2.51 fils for first quarter of 2011.
"Share of income from associates reached KD 3,994,962 because Share of income from SADAFCO ( 3 months Jan to March) increased by 27% (KD 0.26m) to KD 1,229,309 compared to KD 967,460 during last year same period, mainly due to better sales and operational profit during the quarter. Also, Share of income from QPIC during the period reached KD 2,765,653," said Al Essa.
At the end of first quarter, the total asset as on March 31, 2012 is KD 186 million up by 4.4% (KD 7.9 million) compared to KD 178 million as on Dec 31, 2011. The increase in total asset is mainly attributable to increase in long-term investments (associates). 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."
© Arab Times 2012
