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Sadoun Ali, vice chairman and CEO, QPIC

Qurain Petrochemical announces $16.5m net profit

KUWAIT, July 25, 2016

Kuwait-based Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD4.98 million ($16.5 million) for the first quarter of the financial year 2016/2017.

This year’s results compares favourably to a net profit of KD4.22 million ($13.9 million) posted during the same period last year, representing an increase of 18 per cent, said a statement from QPIC.

Earnings per share (EPS) for the quarter stood at 4.79 fils ($15.85 cents) compared to 4.03 fils ($13.33 cents) during the same period last year, it said.

Total assets came to KD521.9 million ($1.73 billion) as at June 30, compared to KD 521.5 million ($1.72 billion) on March 31, it added.

Investments in associate companies increased by 5 per cent or KD4.20 million ($13.89 million) during the said period owing to the increased share of profits and ownership in associate companies, In particular, National Petroleum Services Co (Napesco), said a statement.

Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, chairman of QPIC, said: “The results achieved showcase the soundness and diversification of QPIC’s investments, which can withstand the current economic circumstances that the region has encountered given the instability of the market and the geopolitical scene.”

“QPIC continues to actively seek new local and regional investment opportunities, in partnership with well reputed international players in the field,” he said.

Sadoun Ali, vice chairman and chief executive officer, QPIC, said: “The profits we have achieved are in line with our expectations and the recently adopted policy to diversify our company’s main sources of income, being that all of our subsidiaries and associates performed positively during the quarter and showed stable growth.”

“The Saudia Dairy & Foodstuff Co (Sadafco) was one of the main contributors to these positive results, in addition to Kuwait Aromatics (Karo), and we expect their performance to further enhance,” he added. – TradeArabia News Service
 




Tags: | Kuwait | Net Profit | Qurain Petrochemical Industries Company |

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