United Industries Company posts KD 5.42 mln Q2 profit
Total assets rise to KD 216 mln
KUWAIT CITY, July 23: United Industries Company (UIC), a member of the Kuwait Projects Company (KIPCO) Group, posted KD 5,415,235 in net profit for the second quarter of 2014. This represents an increase of 1.8% over the same period in 2013, where the company reported net profit of KD 5,320,053.
Earnings per share stood at12.14 fils compared to 11.83 filsfor same period in 2013.
The total asset on 30, June 2014 is KD 216 million, increased by 27% (KD 45.8m) compared to KD 170.2 million on 31st Dec.13, mainly due to acquisition of ATC in April 2014.
Share of income from QPIC increased by 47% (KD 1.89 m) due to recent stake increase by 10.8% and due to better dividend from Equate.
Total expense decreased during the period by 38% (KD 0.93m) the period KD 1.5m Vs. KD 2.43m in 2013 mainly due to decrease in finance cost.
Commenting on the results, UIC’s Chairman,Sheikh Khalifa Abdullah Al Jaber Al Sabah said that the Board of Directors approved the financial report for the second quarter of 2014. He noted that the achieved profitsrepresented a good start to the year and would contribute to realizing the aspirations of the shareholders.
He added:
“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.”