Qurain Petrochemical Industries Company holds its General Assembly meetings for the financial year ended 31 March 2012
Kuwait City, 27 June, 2013: Qurain Petrochemical Industries Company (QPIC) held itsâ€™ Ordinary General Assembly Meeting (AGM) for the financial year ended 31 March 2013, as well as the postponed Extraordinary General Meeting (EGM). The meetings were followed by the Annual Transparency Forum (Shafafiyah), similarly to Kuwait Projects Company (KIPCO) Group companies.
In his address to shareholders, QPIC Chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah stated; QPIC posted KD 22.61 million net profit for the financial year ended 31 March 2013 compared to KD 33.02 million for the previous year, representing an earnings of 20.75 fils per share (EPS) compared to 30.14 Fils last year. It must be noted that the previous year of comparison represented fifteen months of operations versus the twelve months in the current year. This represents an increase of KD 7.75 million or 52% if we excluded the additional quarter in the previous year.
Total assets stood at KD 290.71 million as at 31 March 31 2013 compared to KD 256.09 million on 31 March 2012, representing an increase of 14% or KD 34.63 million. Investments in associate companies increased 9% or KD 3.86 million during the said financial year.
Commenting on these results, He said:
â€œThe AGM approved all the agenda items, including the Board of Directorsâ€™ recommendation to distribute 10 fils per share for the financial year 2012/2013, to those who are registered in QPIC records as per the AGMâ€™s dateâ€.
â€œThe postponed EGM also approved to widen the scope of QPICâ€™s focus in investments to include the Industrial sector, to purchase up to 10% of its treasury shares, and Employee Stock Options (ESOP)â€.
As part of Groupâ€™s continuous initiatives to communicate extensively with its various stakeholders and promote transparency; QPIC carried out its tradition with the Annual Transparency Forum (Shafafiyah), and distributed the Shafafiya Presentation on the shareholders showcasing QPICâ€™s Historical financial performance, the opportunities & challenges that QPIC faced during the year, and finally, the future outlook.
Commenting on the companyâ€™s investments, QPICâ€™s Vice Chairman and Chief Executive Officer, Mr. Sadoun Ali said:
â€œThe major contributors to this yearâ€™s solid results were from Equate Petrochemicals & The Kuwait Olefins Company (TKOC). As for the Aromatics Project (Paraxylene), QPIC is still exploring ways to improve its performance and 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. QPIC is waiting for Kuwait Petroleum Corporationâ€™s intervention in order to resolve pending issues to prevent the project from faltering.â€
On QPICâ€™s future plans, he said:
â€œWe expect Equate & TKOC to maintain the same levels of performance and profitability witnessed in the past years, and for the other investments to improve in terms of the same. QPIC is also actively seeking new local and regional investments opportunities particularly in the Petrochemical Industries, but 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