QPIC’s net profit increases 18% to KD 4.98 million (US$ 16.5 million) for the first quarter of the financial year 2016/2017
Stable growth in share of income from subsidiaries and associates
Kuwait City, 25 July 2016: QPIC - Qurain Petrochemical Industries Company - announced a net profit of KD 4.98 million (US$ 16.5 million) for the first quarter of the financial year 2016/2017. This compares favorably to a net profit of KD 4.22 million (US$ 13.9 million) posted during the same period last year, representing an increase of 18 per cent.
Earnings per share (EPS) for the quarter stood at 4.79 fils (US$ 15.85 cents) compared to 4.03 fils (US$ 13.33 cents) during the same period last year.
Total assets came to KD 521.9 million (US$ 1.73 billion) as at 30 June 2016, compared to KD 521.5 million (US$ 1.72 billion) on 31 March 2016. Investments in associate companies increased by 5 per cent or KD 4.20 million (US$ 13.89 million) during the said period owing to the increased share of profits and ownership in associate companies, In particular, National Petroleum Services Co. (Napesco).
Commenting on the results, QPIC’s Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said:
“The results achieved showcase the soundness and diversification of QPIC’s investments, which can withstand the current economic circumstances that the region has encountered given the instability of the market and the geopolitical scene. QPIC continues to actively seek new local and regional investment opportunities, in partnership with well reputed international players in the field.”
On his part, QPIC’s Vice Chairman and Chief Executive Officer, Mr. Sadoun Ali, said:
“The profits we have achieved are in line with our expectations and the recently adopted policy to diversify QPIC’s main sources of income, being that all of our subsidiaries and associates performed positively during the quarter and showed stable growth. The Saudia Dairy & Foodstuff Co. (SADAFCO) was one of the main contributors to these positive results, in addition to Kuwait Aromatics (KARO), and we expect their performance to further enhance.”
Notes to Editors:
Established in 2004, Qurain Petrochemical Industries Company (QPIC) is a public shareholding company with a total capital of one hundred and ten million Kuwaiti dinars distributed over a billion and one hundred million shares. Our Investments portfolio combines stakes of Kuwait’s largest petrochemical projects such as Equate Petrochemicals, The Kuwait Olefins Company (TKOC) and Kuwait Aromatics (KARO). In addition to our significant stakes being a majority shareholder in Saudia Dairy & Foodstuff Company (SADAFCO), National Petroleum Services Company (NAPESCO), as well as United Oil Projects (UOP). QPIC financial year starts on April 1st, and ends in March 31st of every year.
QPIC is part of Kuwait Projects Company (KIPCO) group - one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 32 billion as at 31 December 2015. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’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.