Financial Performance

Consolidated Income Statement

The company recorded net profit of KD 4.045 million or 10.89 fils per share, recording an increase of 155% compared to losses registered in the previous year of KD 7.36 million or 29.99 fils per share.

Total revenue for the year increased 791% to KD 9.695 million compared to loss of KD 1.404 million for the previous year. The improvement in year's results is attributed to the results of associate companies as well as divesting from several investments with significant profits.

Share of profits from associate companies increased 140% to KD 4.997 million. Profit from sale of investments in associate also increased 121% to KD 0.59 million, and profits of KD 2.4 million was made from reclassification of one associate company into a subsidiary. A further profit of KD 0.13 million was from investments available for sale. The fair evaluation of real estate investments increased 109% to KD 0.21 million. Other income increased 81% to KD 0.608 million.

Group expenses reduced 12% to KD 5.4 million compared to the previous year's KD 6.2 million due to reduced administrative spending, as well as 100% reduction in the allocations for the depreciation in the value of investments available for sale.

Consolidated Balance Sheet

The total assets as on 31 December 2010 KD 178.1 million, increased by 37% (KD 48.5 million) compared to KD 129.6 million on 31 December 2009. The increase in total assets is attributed to the increase in long-term investments.

Assets available for sale increased 10% (KD 0.8 million) to KD 9.1 million compared to KD 8.2 million for the previous year, due to the reclassification of investment in United Oil Projects from "investments in associate company" to "investments available for sale" after a partial exit from the company.

Investments in associate companies increased 101% (KD 77.1 million) to KD 153.6 million, compared to KD 76.5 million the previous year. The increase is mainly attributed to acquisition of additional stake of KNIP and the consolidation of investment in QPIC as KNIP became subsidiary.

Company Capital was increased 100% (KD 24.8 million) to KD 49.6 million with the aim of fulfilling some due financial commitments and the acquisition of additional stake of Kuwait National Industrial Projects Company (KNIP).

The UIC Group paid KD 27.5 million during the year, including mature bonds worth KD 15 million and another KD 12.5 million in bank loans.

Total liabilities increased 28% to KD 75.4 million due to the consolidation of the liabilities of Kuwait National Industrial Projects Company, worth KD 39.95 million.