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Published Date : 01 May 2018
QPIC posts KD 35.20 million (US$ 117.23 million) net profit for the financial year ended 31 March 2018

QPIC posts KD 35.20 million (US$ 117.23 million) net profit for the financial year ended 31 March 2018

 

  • QPIC BoD recommends distributing 14% cash dividend
  • 14% Year-on-Year increase in total recurring net profit
  • 8% Year-on-Year increase in total assets to KD 671.79 million (US$ 2.24 billion)
  • Actively seeking new investment opportunities that maintains QPIC’s balanced investment portfolio

 

Kuwait City, 01 May 2018: QPIC - Qurain Petrochemical Industries Company K.S.C.P. - announced a net profit of KD 35.20 million (US$ 117.23 million) for the year ended 31 March 2018, compared to KD 34.94 million (US$ 116.37 million) last year. This represents an increase of 14 per cent over the recurring net profit of KD 30.76 million (US$ 102.45 million) last year, after excluding KD 4.38 million (US$ 14.59 million) one-time reclassification gain resulting from reclassifying National Petroleum Services Company (NAPESCO) from an associate investment to a subsidiary last year.

Earnings per share (EPS) for the financial year amounted to 33.82 fils (US$ 112.64 cents) compared to 33.58 fils (US$ 111.84 cents) reported the previous year.

QPIC’s Board of Directors (BoD) is recommending the distribution of a cash dividend of 14 per cent (14 fils per share), subject to approval by the company's General Assembly and regulatory authorities.

Consolidated net profit for the year increased by 5 per cent to reach KD 52.15 million (US$ 173.68 million) from KD 49.72 million (US$ 165.59 million) reported for the same period last year owing to the increase in sales & dividends income during the period.

Total assets stood at KD 671.79 million (US$ 2.24 billion) as at 31 March 2018, compared to KD 619.76 million (US$ 2.06 billion) on 31 March 2017, representing an increase of 8 per cent. This is mainly due to the consolidation of its new subsidiary, Inshaa Holding Co.

Commenting on the results, QPIC’s Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said:

“Despite the witnessed political instability in the region and across international markets, QPIC’s business model succeeded in withstanding such challenges and delivered consistent positive performance to meet our shareholders’ expectations. Furthermore, QPIC is actively seeking new local and regional investment opportunities that maintain the balance of its investments portfolio.”

 

 

QPIC’s Vice Chairman and Chief Executive Officer, Mr. Sadoun Ali, said:

“The year-end results were in line with our expectations and long-term outlook that initially led us to start diversifying our investments. Despite market political pressures and the marginal increase in our expenses owing to recent acquisitions, QPIC’s strategic investments continued to deliver remarkable positive performance that enabled us to achieve the announced results. Dividends received from Equate Petrochemicals & The Kuwait Olefins Company (TKOC) amounted to KD 20.39 million (US$ 67.91 million) during the financial year, and we expect further enhancement of our performance in the future, supported by the added value that our new investments bring.”

-END-

 

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), United Oil Projects (UOP) as well as Inshaa Holding Company. 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$ 34.5 billion as at 31 December 2017. 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.

For further information, please visit: www.qpic-kw.com or contact:

Abdul-Hameed Malhas      

Investment, Corporate Communications & Relations Manager

Tel:               +965 2294 3232                                 -              Ext. 2012

Mobile:      +965 9987 8873

Email:          Malhas@qpic-kw.com  

 

Nabil F. Fayed

Administrative Affairs Manager

Tel:               +965 2294-3232                 -              Ext. 2041

Mobile:      +965 6638 7970

Email:    Nabil@qpic-kw.com