UFK nets half year profit of KD 318,328

Commenting on the half-year results, UFK chairman Amer Diab Al Tamimi attributed the decrease to the fact that profit for the first half of 2003 included non-recurring profits resulting from the sale of a number of investments and assets.

He also confirmed that the Company is continuing its restructuring process, with current focus on evaluating all activities, so that management can retain those that best serve the interests of the Company. He said UFK had already taken actions aimed at improving its services and products, upgrading its operational efficiency and enhancing its organisational structure and operation systems.

On the sales front, Al-Tamimi said intensive efforts were being made to consolidate the Company's competitive position and increase its share of local and foreign markets. The sales administration has been restructured to create a new marketing department, with a number of professionals recruited to upgrade sales performance.

He said while UFK supplied large quantities of fresh and frozen fish to local supermarkets, the Company also imports huge quantities of fish from foreign markets in order to make up for shortage in domestic production and to maintain price levels.

Al Tamimi said UFK's new Doha plant had begun commercial production of a variety of products in new packaging, to meet the needs of consumers and satisfy demand in the domestic market, with surplus production planned for export to foreign markets.

To meet import requirements stipulated by European countries, UFK has partnered with a company specialised in obtaining HACCP certification for exports to Europe, as well as ISO certification. He said this reflects the Company's utmost attention to the quality of its products and production, enabling it to compete in foreign markets. UFK also continues to export to several Arab markets, and plans to expand into more markets in the Arab world, he said

Commenting on fishing operations, Al-Tamimi said UFK used the fishing suspension-period to carry out necessary maintenance of its fishing fleet, which commenced fishing in international waters at the beginning of July.

He concluded that UFK continued a highly professional approach to maintain its leading role and enhanced presence in the industry.

KIPCO, the largest private company in Kuwait, with US$ 10 billion under management or control, is a leading diversified holding company in the Middle East and North Africa with a wide-ranging portfolio of companies in financial services, media & telecommunications, real estate and industry.