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Published Date : 22 Jul 2018
QPIC announces KD 5.19 million (US$ 17.13 million) net profit for the 1st Quarter ended 30 June 2018

QPIC announces KD 5.19 million (US$ 17.13 million) net profit for the 1st Quarter ended 30 June 2018

 

  • Consistent positive financial performance of QPIC’s balanced portfolio of quality investments
  • Actively seeking new investment opportunities that maintains QPIC’s balanced investment portfolio

 

Kuwait City, 22 July 2018: QPIC - Qurain Petrochemical Industries Company K.S.C.P. - announced a net profit of KD 5.19 million (US$ 17.13 million) for the first quarter of 2018-19, compared to KD 6.17 million (US$ 20.36 million) for the same period last year. Earnings per share (EPS) for the quarter stood at 5.00 fils (US$ 16.50 cents) compared to 5.93 fils (US$ 19.57 cents) during the same period last year.

Consolidated gross profit decreased 21 per cent to reach KD 14.76 million (US$ 48.71 million) from KD 18.60 million (US$ 61.39 million) reported for the same period last year owing to the decrease in sales during the period.

Total assets stood at KD 688.78 million (US$ 2.27 billion) as at 30 June 2018, compared to KD 671.69 million (US$ 2.22 billion) on 31 March 2018, representing an increase of 2 per cent.

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

“The achieved results affirm the ability of QPIC’s business model to withstand market volatilities, allowing us to deliver consistent solid performance and results that meet our shareholders’ expectations. Furthermore, QPIC is actively seeking new local and regional investment opportunities that maintains the balance of its investments portfolio.”

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

“Despite the marginal increase in our expenses that was led by the acquisitions we made recently, the achieved results were in line with our expectations and long-term outlook that initially led us to diversify our investments. QPIC maintained positive profitability levels throughout its subsidiaries and associates, and we expect them to further enhance in the upcoming future, supported with the added value of our new investments.”

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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$ 32.7 billion as at 31 December 2016. 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

Email:  Malhas@qpic-kw.com          

 

Nabil F. Fayed

Administrative Affairs Manager

Tel: +965 2294-3232                              -              Ext. 2041

Email: Nabil@qpic-kw.com