Sheikh Mubarak Abdullah Al Mubarak Al Sabah and Sadoun Ali
QPIC posts $14.5m net profit
Kuwait City, July 24, 2013
Kuwait-based Qurain Petrochemical Industries Company (QPIC) posted a net profit of KD4.15 million ($14.5 miilion) for the first quarter of the financial year ended June 30, as compared to KD124,840 made in the same period last year.
Earnings per share for the quarter stood at 3.89fils compared to 0.11 fils per share for last year.
Chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah said: “Total assets stood at KD301.20 million as at June 30, 2013 compared to KD299.03 million on March 31, representing an increase of 1 per cent or KD2.19 million.”
“Investments in associate companies increased by 9 per cent or KD4.16 million during the said period owing to the increase in share of profits from Kuwait Aromatics (Karo),” he said.
Vice chairman and CEO Sadoun Ali said: “The main two contributors in achieving the higher than expected results were the share of income received from Karo due to the favourable market conditions, as well as dividends received from Boubyan Petrochemicals Company and National Petroleum Services Company (Napesco).”
“Despite the improved performance during the quarter owing to the favourable market performance, profits are expected to diminish for the remainder of the year due to the witnessed reversal in market trend,” added Ali concerning the Aromatics project.
“We expect Equate and The Kuwait Olefins Company to maintain the same levels of performance and profitability witnessed in the past years, and for the other investments to achieve better results,” said Sheikh Mubarak.
“QPIC is also actively seeking new local and regional investments opportunities particularly in the petrochemical industries and within the energy and industry sector in general, in collaboration with world leading investment banks and consultants,” he added. - TradeArabia News Service