UIC Financial Performance 2013
Consolidated Income Statement
The Company posted a net profit of KD 28,083,172 or 62.70 fils per share for the year 2013. This represents an increase of 739% (KD 24.73m) over 2012 profit of KD 3,346,799 or 7.07 fils per share.
Income from associates increased by 45% (KD 1.55m) to KD 5m, compared to KD 3.45m of previous year 2012, mainly due to better results Al Qurain petrochemical company owing to better dividend from Equate and improved performance of associates.
Total income increased by 42% (KD 1.86m) to KD 6.26m compared to last year KD 4.40m due to better income from associates and other income.
Total expenses increased by 97% (KD 5.29m) to KD 10.77m compared KD 5.48m in last year 2012, mainly due to impairment (writing down cost) on certain financial assets.
Operational results of continuing operations loss KD 4.55m compared last year loss of KD 1.11m (restated). The decline in operational profit is mainly due to impairment on financial assets.
Divestment of a subsidiary and Profit from discontinued operations after tax amounts to KD 39.38m compared to last year KD 11.54m, (restated).
Consolidated Balance Sheet
Total assets as at the end of 2013 stood at KD 170 million, decreased by 21.6% (KD 47m) compared to last year 2012 KD 217m is associated with divestment of a subsidiary.
Current assets decreased by 81% (KD 38.09m) to KD 8.66m compared to last year KD 46.75m, mainly due to divestment of subsidiary.
Financial assets available for sale increased by 119% (KD 15.69m) to KD 28.84m compared to previous year KD 13.15m due to reclassification of unsold stake in the previous subsidiary to AFS.
Investments in associates increased by 39.8% (KD 37.76 m) to KD 132.65 million compared to previous year KD 94.89 million due to (acquisition of 10.8%) additional investment in an associate.
During the year the company reduced its overall loan exposure by 37% to KD 40m compared to last year KD 63.2m.