On behalf of the Board of directors, I am delighted to present to you through this annual report, our results and accomplishments for the financial year ended 31 December 2017.
This report highlights the excellent performance of our associates and the diligent efforts by various divisions within your company to enable us to craft many successes throughout the year, despite the turbulent geo-political storms being witnessed in the region.
Fortunately, the Kuwaiti economy has been relatively more stable compared to the other regional economies mainly driven by the supportive governmental initiatives, the increased oil and gas megaprojects in the pipeline, which will lead to many new and futuristic opportunities.
Business Highlights of the Year
United Oil Projects reported a net profit of KD 2.43 million forthe year ending in 31 December 2017, as compared to KD 2.00 million in 2016, representing an increase of 21% in the net profit. The total Comprehensive income for the year is KD 4.44 million compared to 2.73 million for the previous year.
Net shareholders’ equity has continued to grow year after year and the net increase in the current year is 18.6%. The total assets have increased by 18.3% to KD 24.99 million as compared to KD 21.13 million in 2016.
In view of the above result, we are pleased to announce to the board recommendation, to distribute cash dividends of 8 percent of the company’s paid-up capital, equivalent to 8 fils per share, subject to the approval of the assembly and the related authorities.
It’s my privilege to conclude with a note of appreciation and gratitude to our shareholders, clients and partners who have been our pillars of support. I would also like to take this opportunity to thank our staff and executive, our most valuable asset, for making all of this possible.
We would also like to extend our appreciation to the government of Kuwait, especially the petroleum arm Kuwait Petroleum Corporation – KPC, its subsidiaries and affiliate companies, and the regulatory authorities for their continuous support to the industrial sector with sincere commitment to drive the country towards a better future.
Sadoun A. Ali