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United Fisheries of Kuwait posts over $2.5m profits

DUBAI - United Fisheries of Kuwait (UFK) hauled in net profits of over KD759,000 ($2. 505 million) during the first six months of this year, with earnings per share of 5.15 fils/ share (1.70 cents/ share).

Although lower than the KD1.329 million ($4.386 million) recorded in the same period last year, the 2003 half year profit figure of KD759,404 represents a significant achievement in challenging business conditions.

Against this backdrop, UFK sales in the first six months of this year grew to KD4.308 million ($14.218 million) from KD3.932 million ($12.977 million) in the first half of last year and gross profit was also up in the first six months of this year at KD754,337 ($2.489 million) from KD733,223 ($2.419 million) in the same period of 2002.

UFK, a Kipco group (Kuwait Projects Co Holding) company, has launched an upgrade of its fishing and production facilities to improve performances during the forthcoming fishing season. Two new ships have been added to its fishing fleet and modern processing equipment has been installed at a purpose-built factory, enabling new varieties of products to be produced for both local and export markets.

The company is also looking to the future with extensive studies into fish farming, a major new initiative to compensate for seasonal production shortages and provide strong sources of new income.

UFK, which operates in fishing, food services and wholesale distribution, sells its catch through export sales and in Kuwait through the company-owned Dana fish store. Wholesale distribution is carried out by Raad Stores, with distribution rights for a number of well-known foodstuffs.

Kipco, one of the most diversified holding companies in the Middle East, is Kuwait's largest private sector company and employs more than 10,000 people internationally.