United Industries Company (UIC), a member of the Kuwait Projects Company (KIPCO) Group, posted on Wednesday KD 5.415,235 million in net profit for the second quarter of 2014.
"This represents an increase of 1.8 percent over the same period in 2013, where the company reported net profit of KD 5,320,053," UIC said in a statement.
Earnings per share stood at 12.14 fils compared to 11.83 fils for same period in 2013.
The total asset on June 30, 2014 is KD 216 million, increased by 27 percent (KD 45.8 million) compared to KD 170.2 million on December 31, 2013, mainly due to acquisition of ATC in April 2014.
Share of income from QPIC increased by 47 percent (KD 1.89 million) due to recent stake increase by 10.8 percent and due to better dividend from Equate.
Total expense decreased during the period by 38 percent (KD 0.93 million) the period KD 1.5 million against KD 2.43 million in 2013 mainly due to decrease in finance cost.
Commenting on the results, UIC's Chairman, Sheikh Khalifa Abdullah Al-Jaber Al-Sabah said that the Board of Directors approved the financial report for the second quarter of 2014.
He noted that the achieved profits represented a good start to the year and would contribute to realizing the aspirations of the shareholders.
United Industries Company (UIC) is a member of KIPCO Group and considered as the Group's investment arm in the industrial sector.
Established in 1979, UIC is a closed shareholding company, and was listed on Kuwait Stock Exchange in 1997.
The Company invests its resources in the downstream industries sector in Kuwait and GCC countries.
Authorized and paid-up capital of UIC currently stands at KD 49.546,875 million (USD Dollar 175.511,424).