Kuwait's United Industries Company posted net profit of $ 2.6 million
United Industries Company (UIC), part of Kuwait Projects Company (KIPCO) has posted net profit of KD 755,808 (US$ 2.6 million) for the first half of 2004, compared to KD 653,441 (US$ 2.2 million) for the same period in 2003, representing a growth of 16 per cent. Earnings per share for the first half of 2004 stood at 5.10 fils (1.7 cents) compared to 6.54 fils (2.2 cents) for the same period of the previous year, given the change in UIC's capital which amounted to KD 15.1 million (US$ 51.2 million) compared to KD 10 million (US$ 33.9 million) at the end of the first half of 2003.
UIC chairman Sheikh Khalifa Al Abdullah Al Jaber Al Sabah announced that UIC has been pre-qualified by the Industry Public Authority for executing the new water cooling plant in Shuaiba Industrial Area on a B.O.T. basis. For this project, UIC is currently cooperating with a number of institutions specialised in this field which have already executed similar projects in the region.
UIC has also been pre-qualified for participating in the oils mixing privatisation project launched by Kuwait National Petroleum Company. The Company’s management is currently working on the feasibility study for the project in a preparation of bid submission.
Commenting on the performance of UIC’s Saudi Arabian Dairy and Foodfsuffs Company, Sheikh Khalifa said that its OMEGA Project – merger of factories in Jeddah and Dammam) had been already finalised, and that lower production costs following the merger will reap immediate benefits. He added that a highly-reputed international consulting firm had been engaged to prepare a study on the Company's strategy and business plan that would lead to improved performance and profits growth.
KIPCO, with assets of more than US$ 10 billion under management or control, is one of the leading diversified holding companies in the Middle East and North Africa and a major regional force in financial services and media & telecommunications, with further interests in real estate and industry. KIPCO’s net profit in 2003 soared by 182 per cent to US$ 61.8 million, reflecting the effectiveness of its long-term strategies to build sustainable profits and grow the value of the Group. (menareport.com)
© 2004 Mena Report (www.menareport.com)
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