United Industries net profit up 37pc
Kuwait, May 11, 2013
United Industries Company (UIC), a member of the Kuwait Projects Company (Kipco) Group, has posted a net profit of KD3.6 million ($12.6 million) for the first quarter, up 37 per cent over KD2.64 million last year.
Announcing the Q1 results, UIC chairman Sheikh Khalifa Abdullah Al Jaber Al Sabah said its total assets surged 6.7 per cent to KD179.6 million mainly due to an increase in value of investments.
The company's earnings per share stood at 8 fils compared to 5.45 fils for same period in 2012.
The share of income from associates (QPIC) went up 22 per cent and came to KD3.37 million compared to KD2.76 million during the corresponding period in 2012. This was due to the achievement of better results by QPIC investments, he stated.
Sheikh Khalifa said the Q1 profits represented a good start to the year and would contribute to realizing the aspirations of the shareholders.
The share of income from subsidiaries (Sadafco) went up 24 per cent to reach KD1.53 million compared to KD1.23 million during corresponding period in 2012. This was mainly attributed to Sadafco’s improved sales and operational profit during the period, he noted.
“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,” he added.-TradeArabia News Service
More Industry, Logistics & Shipping Stories
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai
- GPIC wins key IFA certification
- Gulf rules must aid e-commerce: Aramex
- Gulftainer expands 2013 ops by 50pc
- DMCA to take part in Dubai boat show
- Al Namal to launch eco-friendly chillers
- Abu Dhabi city ports to receive facelift
- Kuwait Styrene posts $180m net profit
- Drydocks set for key energy event
- Aramex launches new address check system
- Toshiba in green push at Bahrain expo
- Equate net profit surges 14pc to $1.2bn
- Shaikh Daij named new Alba chairman
- Al Abbas wins logistics rights to Sudan
- Milaha profits jump 14pc to top $260m
- BIC, Al Zayani renew partnership
- Dubai Metro to open 2 stations Saturday
- Top petchem firms back UAE plastics events
- DGCX, China’s DCE launch plastics futures