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Published Date : 23 Oct 2018
QPIC announces KD 9.61 million (US$ 31.65 million) net profit for the half year ended 30 September 2018

QPIC announces KD 9.61 million (US$ 31.65 million) net profit for the half year ended 30 September 2018

  • Remarkable performance from EQUATE Group supported by the positive performance of petrochemical markets
  • Positive overall performance from all of QPIC’s strategic investments
  • Actively seeking new investment opportunities that maintains QPIC’s balanced investment portfolio

 

Kuwait City, 23 October 2018: QPIC - Qurain Petrochemical Industries Company K.S.C.P. announced its financial results for the Second Quarter ended 30 September 2018 with a net profit of KD 4.41 million (US$ 14.52 million), compared to KD 4.39 million (US$ 14.46 million) for the same period last year, representing a slight increase over the same period last year.

Net profit for the first half of the financial year 2018/2019 ended 30 September stood at KD 9.61 million (US$ 31.65 million), against KD 10.56 million (US$ 34.78 million) for the same period last year. Earnings per share (EPS) for the period reached 9.25 fils (US$ 30.47 cents) versus 10.14 fils (US$ 33.40 cents) during the same period last year.

Total assets stood at KD 662.99 million (US$ 2.18 billion) as at 30 September 2018, compared to KD 671.69 million (US$ 2.21 billion) on 31 March 2018, representing a decrease of 1 per cent and owing to paying out dividends of last financial year.

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

“The achieved results affirm the ability of QPIC’s diversified investment portfolio and business model to withstand the economic and political challenges facing the region. Furthermore, QPIC is actively seeking new local and regional investment opportunities that maintains the balance of its investments portfolio and meet our shareholders’ needs”

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

“The achieved results were in line with our expectations and long-term outlook that initially led us to diversify our revenue sources. Saudia Dairy & Foodstuff Company (SADAFCO) from one side was able to maintain its market share and leading position despite the lower profitability that is caused by the regional challenges the consumer Saudi market is facing. While on the other side, EQUATE Group have recently announced its first six months performance of 2018 figures, reporting 56 per cent higher net income versus the year before, in which we expect it to reflect positively on our year-end results. It is also worth mentioning that all of QPIC core investments has maintained its positive and remarkable results, enabling us to achieve the announced results, and we expect them to further enhance in the upcoming future.”

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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$ 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

 

Nabil F. Fayed

Administrative Affairs Manager

Tel: +965 2294-3232                              -              Ext. 2041