QPIC Q3 results increase 10% YoY in the financial year ending 31 March 2019
Net profit reached KD 15.62 million (US$ 51.42 million) for the nine months period ended in 31 December 2018
Positive overall performance from QPIC’s core investments
Actively seeking new investment opportunities that maintains QPIC’s balanced investment portfolio
Kuwait City, 30 January 2019: QPIC - Qurain Petrochemical Industries Company K.S.C.P. announced its financial results for the third quarter ended 31 December 2018 with a net profit of KD 6.01 million (US$ 19.78 million), compared to KD 5.47 million (US$ 18.01 million) for the same period last year, representing a 10% increase.
Net profit for the nine months ended 31 December stood at KD 15.62 million (US$ 51.42 million), against KD 16.03 million (US$ 52.76 million) for the same period last year. Earnings per share (EPS) for the period reached 15.03 fils (US$ 49.47 cents) versus 15.39 fils (US$ 50.66 cents) during the same period last year.
Total assets stood at KD 670.52 million (US$ 2.21 billion) as at 31 December 2018, compared to KD 671.69 million (US$ 2.21 billion) on 31 March 2018.
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 globe. 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 positive overall performance of our core investments has enabled QPIC to achieve these results. In particular, our investments in the Petrochemical & Oilfield services companies played a key role in achieving these results despite the lower contribution from Saudia Dairy & Foodstuff Company (SADAFCO), on account of the regional challenges the consumer Saudi market is facing. Nevertheless, SADAFCO has been able to maintain its market share and leading position in Saudi Arabia, and we expect our core investments to continue its positive momentum and improve in the future.”
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.