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Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah

QPIC reports 10pc increase in net profit

KUWAIT, January 30, 2019

Qurain Petrochemical Industries Company (QPIC) has registered a net profit of KD6.01 million ($19.78 million) for the third quarter ended December 31, 2018, a 10 per cent increase over KD5.47 million ($18.01 million) for the same period last year.

The net profit for the nine months ended December 31 stood at KD15.62 million ($51.42 million), against KD16.03 million ($52.76 million) for the same period last year, said a statement from the company.

Earnings per share (EPS) for the period reached 15.03 fils ($49.47 cents) versus 15.39 fils ($50.66 cents) during the same period last year.

Total assets stood at KD670.52 million ($2.21 billion) as at December 31, 2018, compared to KD 671.69 million ($2.21 billion) on March 31, 2018.

QPIC’s chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah said: “The achieved results affirm the ability of our company’s diversified investment portfolio and business model to withstand the economic and political challenges facing the globe.”

“Furthermore, our company is actively seeking new local and regional investment opportunities that maintains the balance of its investments portfolio and meet our shareholders’ needs,” he added.

QPIC’s vice chairman and chief executive officer Sadoun Ali said: “The positive overall performance of our core investments has enabled QPIC to achieve these results.”

“In particular, our investments in the Petrochemical & Oilfield services companies played a key role in achieving these results despite the lower contribution from Saudia Dairy & Foodstuff Company (Sadafco), on account of the regional challenges the consumer Saudi market is facing,” he said.

“Nevertheless, Sadafco has been able to maintain its market share and leading position in Saudi Arabia, and we expect our core investments to continue its positive momentum and improve in the future,” he added. – TradeArabia News Service




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