United Industries Company (UIC), a member of the Kuwait Projects Company (Kipco) Group, posted KD5.32 million ($18.6 million) in net profit for the first half of 2013.

The figure represents an increase of 112 per cent over the same period in 2012. Earnings per share stood at 11.83 fils compared to 5.21 fils for same period in 2012.

UIC’s total assets came to KD235.4 million, showing an increase of 5.4 per cent, attributing it to the increase in value of investments.

The share of income from associates (Qpic) went up 62 per cent and came to KD4.52 million compared to KD 2.79 million during the corresponding period in 2012.

The share of income from subsidiaries (Sadafco) went up 16 per cent and came to KD2.52 million compared to KD 2.18 million during corresponding period in 2012, which is attributed to Sadafco’s improved sales and operational profit during the period.

Chairman Sheikh Khalifa Abdullah Al Jaber Al Sabah said that the board of directors approved the financial report for the first half of 2013. - TradeArabia News Service