Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD4.2 million ($14 million) for the first quarter of the 2015/2016 financial year.

The figure represents an increase of 354 per cent over a net profit of KD0.9 million ($3.1 million) posted during the same period last fiscal.

Earnings per share (EPS) for the quarter stood at 4.03 fils ($13.30 cents) compared to 0.88 fils during the same period last year.

Consolidated sales revenue increased significantly to reach KD14.6 million ($48.2 million).
Total assets stood at KD530.6 million ($1.75 billion) as at June 30, 2015, compared to KD527.9 million ($1.74 billion) as on March 31, 2015. Investments in associate companies increased by 5 per cent or KD3.3 million ($10.8 million) during the said period.

QPIC chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, 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 oil markets conditions. QPIC is actively seeking new local and regional investment opportunities, in partnership with well reputed international players within the field.”

Vice chairman and chief executive officer Sadoun Ali said: “Performance from QPIC’s associates and subsidiaries has significantly improved, enabling QPIC to post results that exceeded our expectations. In particular, Sadafco and KARO were the main contributors to QPIC’s higher share of income. KARO, which has always suffered from lower profitability, is showing enhanced performance as the aromatics markets pick up, and we expect it to further improve.” – TradeArabia News Service