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UIC posts KD 28.08 mln net profit, up 739% y/y Total assets reach KD 170m in 2013; EPS 62.70 fils

KUWAIT CITY, Feb 9: United Industries Company (UIC), a member of the Kuwait Projects Company (KIPCO) Group, posted KD 28,083,172 in net profit for 2013. This represents an increase of 739% over the same in 2012, where the company reported net profit of KD 3,346,799. Earnings per share stood at 62.70 fils compared to 7.07 fils for 2012. UIC’s total assets during 2013 came to KD 170 million. The share of income from associates (QPIC) went up 45% and came to KD 5 million compared to KD 3.45 million during 2012. This is due to the achievement of better results by QPIC investments. The company divested one of its subsidiaries during the year and the profit from discontinued business (sale profit and operational profit) amounted to KD 39.39 million compared to KD 11.54 million (operational) during the last year, which represents increase of 241%.


Commenting on the results, UIC’s Chairman, Sheikh Khalifa Abdullah Al Jaber Al Sabah said that the Board of Directors approved the financial results for 2013 and recommended the distribution of 25% in cash dividends, or 25 fils per share. This recommendation is subject to the approval of relevant authorities and the General Assembly. He further said the achieved profits during the year is mainly attributed to better performance of our investments in addition to the exceptional profits of divesting SADAFCO. He also noted that the management is keen on realizing the aspirations of the shareholders.
He added: “I would like to express my appreciation and gratitude to our valued shareholders for their trust and support. We hope to continue to prosper and succeed with our future plans.”


United Industries Company (UIC) is a member of KIPCO Group and considered as the Group’s investment arm in the industrial sector. UIC is a closed shareholding company, established in 1979. UIC was listed on Kuwait Stock Exchange in 1997. 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 (US Dollar 175,077,297). The core investments of the Company are concentrated in:
— Qurain Petrochemical Industries Company

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