KIPCO's United Industries reports $3.4 million net profits for 3Q 2003
The United Industries Company (UIC), part of Kuwait Projects (KIPCO), has reported net profits of 1.023 million Kuwaiti dinars ($3,48 million) for the third quarter of 2003, compared with a loss of KD 408.3 million during the same period last year.
Chairman of UIC Sheikh Khalifa Al-Abdulla Al-Jaber Al-Saba said the improvement was due to development in the performance of associate and subsidiary companies, together with disposal of assets and investments incompatible with the company's current restructuring plan.
UIC is an affiliate of Kipco Asset Management (KAMCO), a subsidiary of United Gulf Bank (UGB), KIPCO's investment banking arm and subsidiary. KIPCO is one of Kuwait's and the Arab world's leading business enterprises and UIC is the holding company for KIPCO's investments in the manufacturing and industrial sectors.
Sheikh Khalifa said UIC's management was pressing ahead with completing the restructuring plan, with work underway to assess activities enabling management to decide directions to keep pace with the goals and ambitions of the Board of Directors and Shareholders. — (menareport.com)
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