QPIC posts $68m net profit for H1
Kuwait, August 2, 2011
Qurain Petrochemical Industries Company (QPIC) has posted a net profit of KD18.72 million ($68.4 million) for the first half of the year, as against a net profit of KD1.64 million for the same period of 2010.
The increase is 1039 per cent higher than the profits of same half last year by KD17.07 million.
Earnings per share for the period stood at 17.09 fils per share, compared with earnings per share of 1.50 fils for the same period in 2010.
The total assets of the company stood at KD211.26 million at June 30, compared to KD193.22 million at December 31, 2010, an increase of 9 per cent or KD18.03 million. Also, investment in associates went up gone up by 17 per cent (KD6.83 million during this period last year).
Chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah announced the approval by QPIC board to change its financial year to suit the company’s sources of income in the company’s affiliates and partners in order to give a better indication of QPIC performance during the year.
Starting from 2011, the financial year will end on March 31 each year, with the exception of the current year which will end on March 31, 2012.
Sheikh Mubarak added that QPIC applied officially for the PTA/PET project to the Royal Commission for Jubail & Yanbu in Saudi Arabia, requesting to establish the project in Jubail II Area, and approvals is expected to be received soon.
Along with that, QPIC is currently contacting world leading consultancy agencies in preparation to conduct project’s detailed feasibility study as well as engaging with technical partner to operate the estimated $1 billion project.
QPIC chairman also noted that the paraxylene project (KPPC) is still suffering from low results especially during June and July of this year which resulted in decreasing the project’s profitability compared to the first quarter of the current year.
The project is constantly facing difficulties to continue due to Kuwait Petroleum Company (KPC) not reviewing the projects main agreements with related parties, despite the fact that the assigned team to conduct a study about the project’s status have finished and presented the proper solutions to fix the project’s situation, he said.
Regarding the company’s future plans, he stated that QPIC is actively investigating new opportunities in region, as well as seeking new partnerships with well reputed entities and major financial consulting agencies to pick viable and reliable investments. – TradeArabia News Service