KUWAIT CITY, July 28: United Industries Company (UIC), a member of Kuwait Projects Company Group (KIPCO), posted net profits of KD 941,050 for the first half in 2011.
Announcing these results, Chairman & CEO of UIC Essa Khalid Al-Essa said that UIC Board of Directors approved on July 28, 2011, the financial statements of the company for first half ended June 30, 2011, and that the Company posted net profits of KD 941,050 compared with net profits of KD 4,794,323 for the same period in 2010.
Also highlighting that the decrease in current period’s profit compared to the corresponding period is because last year profit included KD 3.35 million divestment income of SNZMP.
Earnings per share for the period stood at 1.91 fils per share, compared with earning per share of 19.32 fils for the same period in 2010.

“Share of income from associates increased by 49% to KD 5.19 million during the period compared to same period last year income of KD 3.48 million due to share of income from QPIC which increased by 545% (KD 4.26 million) to KD 3,478,766 compared to share of loss KD (781,789) in the same period last year, due to better dividend received from Equate as well as improved performance resulting operational profit at KARO which caused losses during last year.
In addition to share of income from SADAFCO for the period of KD 1,762,494 as operational profit during current year (April-June) shows a net profit growth of 20% due to increase in sales by 25%.” Al-Essa added.
UIC successfully negotiated and rescheduled bank loans amounting KD 52.5 million from short term to medium term loan over a period of five years ending December 2016.
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.”