Financial Performance
Consolidated Income Statement
UIC incurred a loss of KD (11.23) million or (45.73) fils per share or 236 % below 2007’s normalized profits (which exclude gain from the divestment of subsidiaries) of KD 8.28 million or 34.06 fils per share.
The company’s performance was affected by the current global financial crisis which negatively impacted the performance of regional stock markets leading to a substantial decrease in total income. Total income decreased by 81% (KD 13.1 million) to KD 3.1 million, compared to income in 2007 of KD 16.2 million. This decrease was due to the following factors:
• Share of results from associates decreased by 41% (KD 0.7 million) to KD 1.1 million compared to previous year KD 1.8 million
• Return on short term investments (comprised of realized gain, dividend and unrealized gain) decreased by 134% (KD 13.5million) to negative loss of KD 3.4 million compared to last year’s return of KD 10 million. This was due to the fall of the Kuwait Stock Market.
• The company’s financing costs increased by 128% (KD 4 million) to KD 7.2 million, compared to KD 3.2 million in 2007, due to increased borrowing used to finance new investments.
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