United Industries Company (UIC) has announced profits of 652,432 Kuwaiti dinars ($2.17 million) in the first six months of 2003 compared with a loss of KD 73,869 for the same period in 2002.
The improvement is attributed to development in performance of UIC's associate and subsidiary companies, and disposal of assets and investments unsuitable or incompatible with the company's on-going restructuring project.
UIC is an affiliate of KIPCO Asset Management (KAMCO), which is a subsidiary of United Gulf Bank, the investment banking arm and subsidiary of Kuwait Projects (KIPCO), one of Kuwait's leading business enterprises. UIC is the holding company for the KIPCO group's investments in the manufacturing and industrial sectors.
The recent UIC restructure involved subsidiary Kuwait Chemical Manufacturing Company selling its shareholding in the Middle East Chemical Manufacturing Company for KD 446,142, and affiliate United Fisheries of Kuwait selling one of its industrial properties for a profit of KD 263,487.
UIC has also recently acquired the Construction Chemical Materials Company, which specializes in production of chemical materials used in the construction industry. This company, although currently non-operational, has a prominent location in the Sabhan Industrial Area. UIC management is now reviewing potential options for the company, which includes the possibility of re-launching operations. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
