United Industries posts KD3.35m in net profit for 2012

12/02/2013 14:51 AST

United Industries Company (UIC), a member of Kuwait Projects Company (KIPCO) Group, posted KD3,346,799 in net profit for 2012. This represents an increase of 176% over 2011, when the company had reported KD1,210,449 in profit.

Earnings per share for 2012 stood at 7.07 fils, compared to 2.46 fils for 2011.

For the fourth quarter (October 1 to December 31, 2012), net profit increased 163% to stand at KD494,326 compared to KD188,000 for the same quarter last year.

UIC's total assets came to KD168.3m.

The share of income from associates came to KD8.06m due to the increase in share of income from SADAFCO by 11% (KD0.442m) to stand at KD4,619,413. This is compared to KD4,177,909 for last year and is mainly attributed to SADAFCO's improved sales and operational profit during the period. Share of income from QPIC came to KD3,446,624.

Investment in associates increased 5% (KD7.7m) to KD152.7m compared to KD145m on December 31, 2011due to profit share from SADAFCO and QPIC as well as share in fair valuation of QPIC investments.

Commenting on the results, UIC's Chairman, Sheikh Sabah Mohamed Abdul Aziz Al Sabah said that the Board of Directors approved the financial report for 2012 and recommended the distribution of 5% in cash dividends, or 5 fils per share. This recommendation is subject to the approval of relevant authorities and the General Assembly.

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."

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