UIC posts KD 3.35 mln net profit in 2012 Earnings per share clocks 7.07 fils, total assets at KD 168.3 mln

KUWAIT CITY, Feb 12: United Industries Company (UIC), a member of Kuwait Projects Company (KIPCO) Group, posted KD 3,346,799 in net profit for 2012. This represents an increase of 176 percent over 2011, when the company had reported KD 1,210,449 in profit. Earnings per share for 2012 stood at 7.07 fils, compared to 2.46 fils for 2011. For the fourth quarter (Oct 1 to Dec 31, 2012), net profit increased 163 percent to stand at KD 494,326 compared to KD 188,000 for the same quarter last year. UIC’s total assets came to KD 168.3 million.

The share of income from associates came to KD 8.06 million due to the increase in share of income from SADAFCO by 11 percent (KD 0.442 million) to stand at KD 4,619,413. This is compared to KD 4,177,909 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 KD 3,446,624. Investment in associates increased 5 percent (KD 7.7 million) to KD 152.7 million compared to KD 145 million on December 31, 2011due to profit share from SADAFCO and QPIC as well as share in fair valuation of QPIC investments.

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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 percent 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.” The Company invests its resources in the downstream industries sector in Kuwait and GCC countries. Authorized and paid-up capital of UIC currently stands at KD 49,546,875 ($177,587,400).

The core investments of the Company are concentrated in:
* Saudi Dairy and Foodstuff Company (SADAFCO)
* Qurain Petrochemical Industries Company

United Industries Company is a member of the KIPCO Group — one of the largest diversified holding companies in the Middle East and North Africa. KIPCO has significant ownership interests in a portfolio of over 60 companies operating across 26 countries. The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in the industrial, real estate, education and the management & advisory sectors.
 

KIPCO’s financial services interests include holdings in commercial and investment banking, asset management and insurance companies. The Group’s core operating companies in this sector include Burgan Bank, United Gulf Bank and Gulf Insurance Company. In the media sector, the Group has a presence through the Orbit Showtime Network, the leading pay-TV operator in the region. UIC is committed to capitalize on its capabilities and expertise in establishing a portfolio of shares of industrial companies listed on Kuwait Stock Exchange. At UIC we are committed to developing the capabilities of those Kuwaitis who seek to develop their professional skills and to advance their career through tangible achievements.

Please visit: www.uickw.com

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