Thursday 7 July 2022

Sadoun A Ali

Kuwait’s QPIC FY net profit jumps 56pc to $74.11m

KUWAIT CITY, May 22, 2022

Qurain Petrochemical Industries Company (QPIC), a Kuwait-based firm engaged in investment activities in the petrochemicals sector, has seen its FY net profit jump by 56% to KD22.69 million ($74.11 million). 
Compared to KD14.50 million made last financial year, the company has performed exceptionally well for the year ended March 31 2022. Earnings per share (EPS) for the year is 22.07 fils versus 14.19 last year.
Consolidated revenues increased to KD236.61 million from KD231.40 million reported for the same period last year owing to the improved performance from subsidiaries. Total consolidated assets increased by 3% to KD784.99 million as of March 31, 2022 compared to KD759.39 million of March 31, 2021.
Cash dividend of 18%
QPIC’s Board of Directors (BoD) recommended the distribution of a cash dividend of 18% (18 fils per share), subject to approval by the company's General Assembly and the regulatory authorities.
Commenting on the results, QPIC’s Chairman, Sadoun A Ali, said: “The achieved results affirm the company’s ability and business model to withstand the various challenges that was imposed by the pandemic and slower business environment. We have already started to see signs of gradual recovery and improvements across the different sectors we operate within, supported by the results of our newly acquired associate, Advanced Technology Company (ATC), a leading company in the field of supply and maintenance of medical Equipment. In the meantime, we continue to explore opportunities that will further enhance group performance and maximise our shareholders’ interests.”
Dynamic set of investments
QPIC’s Vice Chairman and Chief Executive Officer, Sheikh Sabah M Al-Sabah, said: “QPIC’s business model is equipped with a dynamic set of investments that enables the company to keep pace with the various factors that the company may witness. 
“This has enabled the company to achieve the announced results, despite the ongoing local and regional challenges on the back of slower business environment imposed by the pandemic. We look forward to maintaining the healthy and positive performance levels across our group companies in 2022.”-- TradeArabia News Service


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