UIC posted net profit of KD2,852,471 for the period ended September 30, 2012, up 179% compared to KD1,022,457 posted for same period in 2011. For the third quarter (July to September), net profit increased 315% to KD337,925 compared to KD81,407 for the same quarter last year.
The share of income from associates came to KD6,354,426 due to the increase in share of income from SADAFCO by 21% (KD0.627m) to KD3,553,348. This is compared to KD2,926,606 for the same period last year, and is mainly attributed to improved sales and operational profit during the period. Share of income from QPIC came to KD2,801,078.
Investment in associates increased 4% (KD6.25) to KD151.36m compared to KD144.95m on December 11 due 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 total asset as at September 30, 2012, came to KD167.1m, "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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United Industries posts KD2.85m in net profit for first nine months of 2012
- Kuwait: Tuesday, October 23 - 2012 at 15:05
- PRESS RELEASE
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United Industries Company (UIC), a member of Kuwait Projects Company (KIPCO) Group, posted KD2,852,471 in net profit for first nine months of 2012. Earnings per share for the first nine months of 2012 stood at 5.97 fils, compared to 2.07 fils for first nine months of 2011.
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Posted by Siba Sami AmmariTuesday, October 23 - 2012 at 15:05 UAE local time (GMT+4)
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