LOC16:04
13:04 GMT
the company's Chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah
KUWAIT, Feb 2 (KUNA) -- Al-Qurain Petrochemical industries Company (QPIC)
said it had gained KD nine million (about USD 32 million) of net profits for
the first nine months of the financial year 2013-2014.
The company said in a statement on Sunday that its net profits had risen by
KD five million (about USD 10 million) or by 143 percent compared to the same
time of last year, where profits reached KD four million (about USD 13
million). The company also noted that it had gained net profits of 8,41 fils
(2,9 cents) per share compared to 3,36 fils (1,2 cents) for last year.
Total assets stood at KD 336 million (USD 1,189) by December 31st 2013
compared to KD 299 million (USD 1,058) in March 31st 2013, which is an
increase by 12 percent or KD 37 million (USD 131 million), said the company's
Chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah.
Investments in associate companies jumped by 155 percent or KD 76 million
(USD 270 million) during the same period, which is attributed to the 29
percent stake acquisition in Saudia Dairy and Foodstuff Company (SADAFCO), in
addition to the increase in share of profits from Kuwait Aromatics Company
(KARO), said Sheikh Mubarak.
QPIC is actively seeking new local and regional investments opportunities
particularly across the Petrochemical Industries as well as within the Energy
and Industry sectors, in collaboration with world leading investment banks and
consultants, he stated.
Qurain Petrochemical Industries Company (QPIC) was established by Amiri
Decree in 2004 with a share capital of Kuwaiti Dinars 110 million. The
establishment of QPIC by the Petrochemical Industries Company (PIC) followed
Kuwait Petroleum Companys (KPC) strategic initiative to encourage more
private sector engagement in major petrochemical projects in Kuwait.
Headquartered in Kuwait, QPIC is engaged in several projects including
EQUATE, Olefins II, Aromatics and Styrene in Kuwait, and is actively
investigating local, regional, and international opportunities as part of its
long-term strategy. United Industries Company, a KIPCO Group company, is a
major shareholder in QPIC. (end)
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