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Al Mubarak Al Sabah ... chairman of QPIC

Qurain Petrochemical Industries posts $37m net profit

KUWAIT CITY, February 4, 2016

Qurain Petrochemical Industries Company (QPIC) has registered a net profit of KD11.25 million ($37.2 million) for the nine months ended December 31.
 
This will represent an increase of 314 per cent or KD9.24 million over the KD2.10 million net income posted on the same period last year, after excluding KD12.9 million in extraordinary unrealised gains resulting from the reclassification of Saudi Dairy & Foodstuff Co (Sadafco), from an associate investment to a subsidiary during the same period last year.
 
The earnings per share (EPS) for the said period amounted to 10.84 fils compared to two fils during the same period last year.
 
The consolidated sales revenue increased 78 per cent to reach KD123.88 million from KD69.78 million during the same period.
 
Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, QPIC chairman, said: “The results achieved showcase the soundness and diversification of QPIC’s investments, which can withstand the geopolitical and economic circumstances that the region is encountering. 
 
"QPIC continues to actively seek new local and regional investment opportunities, in partnership with well reputed international players within the field.” - TradeArabia News Service



Tags: profit | new | register | QPIC |

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