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QPIC posts KD 11.35 mln in nine months

Sheikh Mubarak Abdullah Al Mubarak Al Sabah - Qurain Petrochemical Industries Company Chairman
Sheikh Mubarak Abdullah Al Mubarak Al Sabah - Qurain Petrochemical Industries Company Chairman

KUWAIT, Feb 4 (KUNA) -- Qurain Petrochemical Industries Company (QPIC) has announced net profits of KD 11.35 million (USD 37.2 million) for a period of nine months, ending 31 December 2015, for the 2015/2016 financial year.
This represents an increase of 439 percent or KD 9.24 million (USD 30.4 million), over KD 2.10 million (USD 6.9 million) posted during the same period last year, excluding the extraordinary, unrealized gains of KD 12.9 million (USD 42.6 million) as a result of SADAFCO - Saudi Dairy & Foodstuff Company's reclassification from an associate investment to a subsidiary, the company said in a press statement Thursday. Earnings per share (EPS) for the said period amounted to 10.84 Fils versus 2.00 Fils during the same period last year, while consolidated sales revenue increased by 78 percent to reach KD 123.88 million (USD 407.4 million), from KD 69.78 million (USD 229.5 million) posted during the same period last year.
Total assets stood at KD 535.2 million (USD 1.76 billion) as of 31 December 2015, compared to KD 527.9 million (USD 1.74 billion) on 31 March 2015.
Commenting on the results, QPIC's Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said that the results showcase the soundness and diversification of QPIC's investments, which can withstand current economic conditions in the region, due to the instability in prices of oil and petrochemical products.
QPIC is actively seeking new local and regional investment opportunities, in partnership with reputable, international companies in the field, he added.
Moreover, QPIC's Vice Chairman and Chief Executive Officer, Saadoun Ali said that performance from QPIC's associates and subsidiaries, particularly, SADAFCO and KARO, has significantly improved, enabling QPIC to post results that exceeded expectations. "A robust performance is expected to last for the immediate future," he noted.
Established in 2004, QPIC is a public shareholding company with a total capital of one hundred and ten million Kuwaiti dinars distributed over a billion and one hundred million shares.
The company's investments portfolio combines stakes of Kuwait's largest petrochemical projects, such as Equate Petrochemicals, The Kuwait Olefins Company (TKOC) and Kuwait Aromatics (KARO). Company stakes are major shareholders in Saudia Dairy & Foodstuff Company (SADAFCO), National Petroleum Services Company (NAPESCO), as well as United Oil Projects (UOP). QPIC financial year starts on April 1st, ending on March 31st of every year. (end) tab.nam