UIC Shafafiyah (Transparency) Investor’s Forum 2011

UIC’s 2011 Shafafiyah (Transparency) presentation was released on March 9th, 2011. It has a review of last year and financial guidance for this year to shareholders, partners, financial analysts and institutional investors.

Click here to download an English copy of UIC 2011 Investor presentation.

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      UIC’s Result For The First Half Year Of 2009
Kuwait City, 6th August, 2009: The United Industries Company (UIC) - a member of the KIPCO Group - has announced a net loss of KD 4,081,026 for the financial period ended 30th June, 2009. The Board of Directors approved the financial results on 6th August 2009. The Chairman of UIC, Sheikh Khalifa Al Abdullah Al Jaber Al Sabah announced that the company has applied conservative accounting policies and considered adequate provisions against all its investments including the available for sale investments, resulting in a net loss of KD 4,081,026 for the financial period ending 30th June 09, out of which KD 3.24 million is unrealized loss. The Chairman also stated that, as part of restructuring and financial rescheduling, taking into consideration the auditors’ observation concerning the financial statements as on 31/12/2008, the company initiated and executed following actions; 9.2% (KD 8.5m) of interest bearing loans of 31st December 2008 were repaid to lending banks during the period ended 30th June 2009. Following restructuring process and complying with International Accounting standards, the company reclassified certain investment in subsidiary as associate that led to decrease of 46.7% (KD 43.3m) of interest bearing loans of 31st December 2008, because these loans are related to the subsidiary itself. Also, the major interest bearing loan of 43.1% (KD 40m) as on 31st December 2008 was rescheduled from short-term loan to medium-term loan. The above steps have impacted the company’s financial statements, and the total liabilities reduced by 49% to KD 60.4m on 30th June 2009 compared to KD 117.74 as on 31st December 2008. Also the gap between the current liabilities and the current assets was significantly reduced by 48% (KD 51.4m) to KD 55.7m as on 30th June 2009 compared to KD 107.1m as on 31st December 2008. The measures explained above have resulted in avoiding audtiors’ observation on financial position of 31st December 2008. Also by that the company has fulfilled its promise to its shareholders concerning restructuring its financial position in a short term not exceeding 6 months, before the time frame dedicated for this propose which was end of third quarter of current year. The Chairman of UIC further added: Once again, we would like to emphasize on the strength of the company’s financial position as it succeeded in sustaining it. Thus, this will have positive impact on the future financial statements of the company. « Back