United Fisheries' bottom line down 43 percent in 1H03
United Fisheries of Kuwait (UFK) reported net profits of 759,404 Kuwaiti dinars ($2.505 million) during the first six months of 2003, down nearly 43 percent from the KD1.329 million ($4.386 million) recorded in the same period last year. Earnings per share reached 5.15 fils (1.70 cents).
Although significantly lower than last year’s figures, the 2003 half year profits “represents a significant achievement in challenging business conditions,” according to a company press release.
At the same time, UFK sales grew to KD4.308 million ($14.218 million), up from KD3.932 million ($12.977 million) in the first half of 2002. Gross profit in the first six months of 2003 rose to KD754,337 ($2.489 million), up from KD733,223 ($2.419 million) in the same period of 2002.
UFK is a subsidiary of Kuwait Projects Company (Holding) (KIPCO) group, one of the most diversified holding companies in the Middle East. KIPCO is Kuwait’s largest private sector company and employs more than 10,000 people internationally.
UFK is currently upgrading its fishing and production facilities. Two new ships have been added to its fishing fleet and modern processing equipment has been installed at a purpose-built factory, enabling new varieties of products to be produced for both local and export markets.
UFK, which operates in fishing, food services and wholesale distribution, sells its catch in Kuwait and to markets abroad through the company-owned Dana Fish Store. Wholesale distribution is carried out by Raad Stores. — (menareport.com)
© 2003 Mena Report (www.menareport.com)