Qurain Petrochemical Industries Company posts net profit of KD 124,843 for the first quarter of the financial year 2011/2012
Kuwait City, 30 July, 2012- Qurain Petrochemical Industries Company (QPIC) achieved net profits of KD 124,843 for the first Quarter ended 30 June 2012.
Announcing the results, Chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah said that QPIC Board of Directors approved, on 30 July 2012, the financial statements of the company for the period ended 30 June 2012, in which the company posted net profit of KD 124,843, this is 22% of the net profit announced during the same period last year amounting to KD 563,268. Earnings per share (EPS) for the period stood at 11 fils, compared to an EPS of 51 Fils per share in 2011. This variance was mainly due to QPIC share of losses incurred by The Kuwait Aromatics Company (KARO).
Sheikh Mubarak also noted that the results were in line with QPIC expectations. The total assets of the Company at 30 June 2012 stood at KD 246.51 million as compared to KD 256.09 million at 31 March 2012, representing a decrease of 4% or KD 9.58 million, mainly owning to the payout for the 2012 dividend.
Commenting on the Paraxylene project, Sheikh Mubarak indicated that QPIC is continuously looking for solutions to improve KPPCâ€™s profitability by cooperating with KARO Management and the project partners. As for the PTA and PET project, we are communicating with world leading consultants and major players in the market and completing the projectâ€™s studies to move ahead in the projectâ€™s development.
Concluding the event, Sheikh Mubarak commented on QPICâ€™s future plans, â€œQPIC is actively seeking new partnerships with well reputed entities and major financial consulting agencies to pick viable and reliable investments across the GCC and the Middle East Region, in collaboration with world leading 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.comor contact:
Mr. Abdul-Hameed Malhas