Qurain Petrochemical Industries Company posts solid results of KD 4.15 mn For the first quarter of the financial year 2013/2014
Kuwait City, 24 July, 2013: Qurain Petrochemical Industries Company (QPIC) posted a net profit of KD 4.15 million for the first quarter of the financial year ended 30 June 2013. This compares favorably to a net profit of KD 124.84 thousand made in the similar period last year, representing an increase of KD 4.03 million.
Earnings per share (EPS) for the quarter stood at 3.89 fils compared to 0.11 fils per share for last year.
Announcing the Figures, QPICâ€™s Chairman, Sheikh Mubarak Abdullah Al Mubarak Al Sabah said:
â€œTotal assets stood at KD 301.20 million as at 30 June 31 2013 compared to KD 299.03 million on 31 March 2013, representing an increase of 1% or KD 2.19 million. Investments in associate companies increased by 9% or KD 4.16 million during the said period owing to the increase in share of profits from Kuwait Aromatics (KARO).
Commenting on the results, QPICâ€™s Vice Chairman and Chief Executive Officer, Mr. Sadoun Ali said:
â€œThe main two contributors in achieving the higher than expected results were the share of income received from KARO due to the favorable market conditions, as well as dividends received from Boubyan Petrochemicals Company and National Petroleum Services Company (NAPESCO).
Concerning The Aromatics project (KPPC), He added:
â€œDespite the improved performance during the quarter owing to the favorable market performance, Profits are expected to diminish for the remainder of the year due to the witnessed reversal in market trend.
QPIC is exploring ways to improve the performance of the project in order to bring it to the level of similar projects around the world. This is being done in coordination with KAROâ€™s management and our project partners, Petrochemical Industries Company and Kuwait National Petroleum Company (KPC), which resulted in slight temporarily improvement to the projectâ€™s returns. However, QPIC is waiting for KPCâ€™s effective intervention in order to resolve pending issues to prevent the project from faltering.â€
Concluding the event, Sheikh Mubarak said about QPICâ€™s future plans:
â€œWe expect Equate & The Kuwait Olefins Company (TKOC) to maintain the same levels of performance and profitability witnessed in the past years, and for the other investments to achieve better results. QPIC is also actively seeking new local and regional investments opportunities particularly in the Petrochemical Industries and within the Energy & Industry sector in general, in collaboration with world leading investment banks and consultants.â€
Notes to Editors:
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 Companyâ€™s (KPC) strategic initiative to encourage more private sector engagement in major petrochemical projects in Kuwait.
QPIC is focused on investing directly and indirectly in companies producing, trading and storing chemical and petrochemical products and related by-products, including but not limited to Benzene, Para-Xylene, Light Naphtha, Hydrogen, Light Ends, Heavy aromatics, Styrene, Ethylene Glycol, Ethane, and Methanol.
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.
The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 26 billion as at 31 March, 2013. The Group has significant ownership interests in over 60 companies operating across 24 countries. The groupâ€™s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.
For more information please visit: www.qpic-kw.com or contact:
Mr. Abdul-Hameed Malhas Or Mr. Nabil F. Fayed
Corporate Communication Administrative Affairs Manager
& Relations Officer Tel: +965-2294-3232 Tel: +965 2294-3232
Email: Malhas@qpic-kw.com Email: Nabil@qpic-kw.com