Financial Results
Income statement

United Oil Projects Company posted a net profit of KD 333,747, resulting in a profit of 3.34 fils per share. This profit represents an increase of 119% from last year although revenue has been decreased to KD 2.1 million from KD 3.6 million; which is due to the general economic slowdown and competition.

Income from Associates (UPDC) is KD 407, 023 and up from KD 381,558 in 2008 reflecting an increase of 6.7% to the previous year. From other Associates Al- Khorayef Company earned a profit of KD 130,739 comparing to KD 235,143 loss of last year reflecting an increase of 156% to the previous year.

Interest income was down from the previous year due to limited funds in fixed deposits and stood to KD 67,821 versus KD 76,916 in 2008. Realized income from investment available from sale is KD 252,067/-.


The Balance Sheet

Total assets at the end of 2009 are KD12.28 million compared to KD 15.21million for 2008 reflecting a decrease of 19%. This is due to repayment of bank loan by en-cashing the fixed deposits. There is a decrease of 17% in receivables balance to KD 391,202 from KD 471,499/- last year due to lower sales.

Inventory levels have been decreased by 55% from KD 693,707/- to KD 314,685 due to lower sales.

Non-current assets: Investment in associates increased to KD 7,752,632/- versus KD 5,537,451/- reflecting an increase of 40%, this includes the new purchases in the existing associates and the current year profits. The investments available for sale stood at KD 2,339,502/- versus KD 3,746,176/- reflecting a decrease by 37.5%. This is due to sale of investments to purchase the stake in associates and current year losses. On the other hand, the short term liabilities decreased by 84% to KD 534,812/- versus KD 3,320,895/-due to repayment of loan to the Bank while non-current liabilities increased from KD 103,573/- versus KD 112,292/- reflecting an increase of 8.4%.

Finally, Shareholder equity at the end of 2009 stood at KD 11.63 million down by 1.3% compared with KD 11.79 million at the end of2008. This decline is attributable to the losses in investments available for sale.