United Industries Company (UIC), a member of Kuwait Projects Company Group (Kipco), posted net profits of KD941,050 ($3.43 million) for the first half of 2011.

Announcing these results, chairman and CEO of UIC Essa Khalid Al Essa said that UIC Board of Directors has approved 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 KD4,794,323 for the corresponding  period in 2010.

He also said that the decrease in this year’s profit compared to the corresponding period last year is because last year’s profit included KD3.35 million divestment income of SNZMP.

Earnings per share for the period stood at 1.91 fils per share, compared with earnings per share of 19.32 fils for the same period in 2010.

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. - TradeArabia News Service