United Industries Company (UIC), a member of Kuwait Projects Company Group (KIPCO), announced Sunday posting KD 1.2 million in net profit for 2011.
According to a press statement by by Chairman and CEO of UIC Essa Khalid Al-Essa, the UIC Board of Directors approved today the financial statements of the company for year ended 31 December 2011, and that the Company posted net profits of KD 1.2 million compared with net profits of KD 4.04 million for 2010.
Earnings per share for the year stood at 2.46 fils per share, compared with earnings per share of 10.89 fils for 2010, the statement noted.
Al-Essa also highlighted that the decrease in current period's profit compared to the corresponding period is because there is no sale of any assets during the year as what happened last year which is termed accounting wise as "non-recurring events".
"Share of income from associates increased by 49% compared to last year results. Sadafco's total profits during the nine months of 2011 (April-December) is KD 8 million, and the company has 13% increase of the net profit due to increase in sales by 22%." In Addition to the increase of QPIC net profits during the 12 months of 2011 to reach KD 18.07 million, due to exceptional results of Equate and therefore better dividend received of KD 14.2 million.
The statement carried on saying that concerning KARO results, which QPIC (Qurain Petrochemical Industries Company) owns 20%, and the other 80% owned equally by PIC and KNPC, the total losses of the company during 2010 is KD 29.
83 million, whereas the company achieved a total profit of KD 11.7 million during 2011.
UIC's assets stood at KD 178 million, which is the same level of last year, it concluded.