United Industries Company (UIC), a member of the Kuwait Projects Company (Kipco) Group, has posted a net profit of KD8.7 million ($29.8 million) for the first nine months of the year.

The earnings per share stood at 19.57 fils compared to 14.69 fils for same period last year, said a statement.

The total assets stood at KD187.3 million as on September 30, an increase of 10 per cent compared to the KD170.2 million reported on December 31 last year, it sad.

The increase is mainly due to the acquisition of Advanced Technology Company in April, said the statement.

The share of income from QPIC increased 107 per cent, which was KD5.3 million to reach KD10.2 million compared to KD4.9 million during the last year.

This was due to a recent stake increase of 10.8 per cent by UIC and increased profit in QPIC mainly due to reclassification of one of its investment to subsidiary and revaluation at market price, it said.

The firm’s long term investment increased 15 per cent or KD24 million to reach KD186 million during the current period compared to KD162 million during the last year. This was also due to the acquisition Advanced Technology Company and divestment of Sadafco, it added.

Sheikh Khalifa Abdullah Al Jaber Al Sabah, chairman, said that the board of directors approved the financial report for the first nine months of the year.

The achieved results reflected good profits and that the management was keen to achieve the aspirations of the shareholders, he added. - TradeArabia News Service