United Industries Company, a member of Kuwait Projects Company Group (Kipco), said its net profit for the year ended December 31, 2011 dropped to KD1.21 million ($4.36 million) from KD4.04 million the year before.

Announcing the results, United Industries Company chairman and CEO Essa Khalid Al-Essa said, 'The fall in the net profit was mainly because there was no sale of any assets during the year which is termed accounting wise as 'non-recurring events.'

The company's earnings per share for the year stood at 2.46 fils per share, down compared to 10.89 fils in 2010, said Al-Essa.

According to him, the company's share of income from associates increased by 49 per cent compared to last year.

Sadafco’s total profits during the nine months of 2011 (April-December) stood at KD8 million, and the company registered a 13 per cent jump in the net profit thanks to good sales growth.

Qpic's net profit in 2011 rose to KD18.07 million, due to exceptional results of Equate and therefore better dividend received of KD14.2 million, he added.-TradeArabia News Service