Qurain Petrochemical Industries Company posts KD 3.66 mn net profit for the nine months ended December 31, 2012
Kuwait City, 30 January, 2012- Qurain Petrochemical Industries Company (QPIC) posted net profit of KD 3,664,151 for the nine months ended December 31, 2012. This is compared to a loss of KD 88,527 made during the same period last year, representing an increase by KD 3,752,678.
Earnings per share (EPS) for the said period stood at 3.36 fils compared to an EPS of (0.08) fils per share at the end of December 2011.
Total assets stood at KD 245.66 million as at December 31, 2012 compared to KD 256.09 million on March 31, 2012, a decrease of 4% or KD 10.43 million. This is attributed to dividend payout to shareholders for 2012.
Commenting on the results, Sheikh Mubarak Abdullah Al Mubarak Al Sabah, QPICâ€™s Chairman, said that the Board of Directors approved the companyâ€™s financial statements for the third quarter of the financial year 2012/2013, adding that the profits exceeded expectations:
â€œThe two major factors contributed to achieving better than expected results; the capital gains realized from Equateâ€™s share buyback and QPICâ€™s share of income in Kuwait Aromatics Company (KARO). The capital gains from Equate amounted to KD 1.75 million, whereby KARO contributed for the rest owing to its share of its investment in The Kuwait Styrene Company (TKSC).â€
On KAROâ€™s Paraxylene project, Sheikh Mubarak added:
â€œQPIC is exploring ways to improve the projectâ€™s profitability along with KAROâ€™s management and project partners; Petrochemical Industries Company and Kuwait National Petroleum Company. QPIC is waiting for Kuwait Petroleum Corporationâ€™s action to take suitable measures to resolve pending issues in order to prevent the project from faltering.â€
As for QPICâ€™s future plans, he said:
â€œQPIC is actively seeking new partnerships with well reputed entities and major financial consulting agencies to select viable and reliable investments across the GCC and the Middle East region, in collaboration with leading global investment banks and consultantsâ€.
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.
For more information please visit: www.qpic-kw.com or contact:
Mr. Nabil F. Fayed
Administrative Affairs Manager
Direct: +965 2321-1926
Mr. Abdul-Hameed Malhas
Public Relations Officer