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