UIC has a 41.6% stake in the United Oil Projects Company (UOP) capital of KD 10 million. UOP plays a leading role in the energy industry through direct investments in the oil, gas and petrochemical sectors and alliances with leading institutions specializing in these fields. UOP is a key producer of coating resins and unsaturated polyesters that are widely used in the manufacture of architectural and industrial paints, as well as fibreglass products.
UOP’s achievements in 2008 fell short of our expectations due to the global financial crisis and high volatility in the oil prices.
The company’s core activity - chemical operation - performed well, while one of its associate companies - the United Precision Drilling Company - performed better than budgeted. The Al Khorayef company performed slightly below budget.
The crash and subsequent slow recovery of the Kuwait Stock Exchange took its toll on UOP’s earnings from the investment portfolio. UOP posted a net loss of KD 1.7 million (of which KD 1.42 million loss originated from investments in portfolio, .05 million from other operation losses, as well as a loss from Al Khorayef Co. of 0.23 million).
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