Qurain Petrochemical posts strong results

Kuwait , October 27, 2011

Qurain Petrochemical Industries Company (QPIC) posted strong financial results for the third quarter ended September 30, recording a net profit of KD20.45 million ($74.62 million).

The company had posted a net loss of KD1.584 million for the same period in 2010. Earnings per share for the period stood at 18.67 fils per share, compared to a loss of 1.44 per share for the same period in 2010.

Chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah noted that the third quarter profits came aligned with QPIC expectations. Total assets stood at KD211.92 million as at September 30, 2011, compared with KD193.22 million at December 31, 2010, an increase of 10 per cent. Also, investment in associates went up by 16 per cent or KD6.18 million during this period.

On the company's PTA-PET project, Sheikh Mubarak said the Royal Commission of Jubail & Yanbu in Saudi Arabia has welcomed QPIC’s request to establish the project in Jubail Industrial City. QPIC is currently contacting leading consultancy firms to conduct a detailed feasibility study, as well as engaging with technical partner to cooperate in developing the billion dollar project.

The QPIC chairman also noted that the paraxylene project (KPPC) suffered losses during the second and third quarters of this year, which resulted in decreasing the project’s profitability compared to the first quarter.

Commenting on QPIC’s future plans, he stated that the company is actively seeking new partnerships with well reputed entities and major financial consulting agencies to pick viable and reliable investments across the GCC and Middle East region. - TradeArabia News Service

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