United Fisheries of Kuwait (UFK), part of the Kuwait Projects Company (KIPCO) Group, has reported a record net profit of four million Kuwaiti dinars ($13.5 million) for the year ending December 31, 2003, an increase of 121 percent compared to 2002.
The company's Board of Directors has recommended distribution of cash dividends of 40 percent of the share face value, stated a press release.
UFK chairman Amer Diab Tamimi said the achievement of these profits was partially attributed to the sale of investments not in line with the objectives of the company. The company sold its entire stake in Ra'ad Stores Company at the end of 2003, generating a profit of KD 1.2 million.
At the end of 2003, the Dana retail outlets were sold, while the company retained the right of management pending the completion of the ownership transfer formalities. The cooperation with the new owner is to be maintained to secure appropriate and professionally managed outlets, consistent with the company's marketing strategy.
UFK operates in fishing, food services and wholesale distribution. KIPCO, with assets of more than $10 billion under management or control, is a regional force in financial services and media and technology, with further interests in real estate and industry. Its companies include Wataniya Telecom and the KIPCO Asset Management Company (KAMCO). — (menareport.com)
© 2004 Mena Report (www.menareport.com)
