Qurain Petrochemical sees solid H1 profit
Kuwait, October 23, 2012
Kuwait-based Qurain Petrochemical Industries Company said it has posted strong financial results for the first half with its net profit surging to KD186,566 (662,874) over last year.
Announcing the results, Qurain said its net profit of KD186,566 represents 69 per cent of last year's net profit of KD271,345 after excluding the extraordinary profits realized due to the gain of the Equate treasury share buyback amounting to KD2.02 million.
The earnings per share (EPS) for the period stood at 0.17 fils, compared to an EPS of 2.09 Fils per share in the half year.
QPIC chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah pointed out that the results were in line with QPIC expectations.
The total assets of the company stood at KD242.27 million as of September 30, down 5 per cent when compared to KD256.08 million last quarter.
"The drop in assets amounting to KD13.8 million came as a result of the payout for the 2012 dividend to shareholders,” explained Sheikh Mubarak.
On the Paraxylene project, the top QPIC official said the project was still suffering losses. “QPIC is exploring ways to improve the project’s profitability, bringing up to the performance levels of similar plants worldwide. This is taking place in co-ordination with Kuwait Aromatics Company management as well as the project’s partners; Petrochemical Industries Company and Kuwait National Petroleum Company. "
"QPIC is still waiting for action on the part of Kuwait Petroleum Corporation actions to resolve the escalating situation," he added.
On the future plans, Sheikh Mubarak said, “QPIC is actively seeking new partnerships with well reputed entities and major financial consulting agencies to select viable and reliable investments across the GCC and the Middle East, in collaboration with leading global investment banks and consultants.”-TradeArabia News Service