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Published Date : 30 Apr 2019
QPIC announces 29% net profit increase to KD 45.33 million (US$ 148.77 million) for the financial year ended 31 March 2019


Immediate Release

 

QPIC announces 29% net profit increase to KD 45.33 million (US$ 148.77 million) for the financial year ended 31 March 2019

  • BOD recommends distribution of cash dividends amounting to 16 fils per share
  • Favorable petrochemical markets performance during 2018 was the main contributor to achieve the announced and highest reported net income since inception.
  • Total assets increased by 9% to reach KD 731.13 million (US$ 2.40 billion)
  • Actively seeking new investment opportunities in the Region that maintains QPIC’s balanced investment portfolio in the energy and industrial sectors

 

Kuwait City, 30 April 2019: Qurain Petrochemical Industries Company K.S.C.P. (QPIC) announced its financial results for the year ended 31 March 2019 with a net income of KD 45.33 million (US$ 148.77 million), compared to KD 35.20 million (US$ 115.52 million) for last year, representing a 29% year on year (YoY) increase. Earnings per share (EPS) for the year is 43.64 fils (US$ 143.22 cents) versus 33.82 fils (US$ 111.0 cents) last year.

Total assets stood at KD 731.13 million (US$ 2.40 billion) as at 31 March 2019, compared to KD 671.67 million (US$ 2.22 billion) on 31 March 2018 representing a 9% increase, due to the recent acquisition made by Saudia Dairy & Foodstuff Company (SADAFCO) in Poland and net revaluation gains.

QPIC’s Board of Directors (BoD) is recommending the distribution of cash dividends amounting to 16 per cent (16 fils per share), subject to approval by the company's General Assembly and regulatory authorities.

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

“The announced results doesn’t only represent QPIC highest reported net profits since inception, but affirms the company’s ability and diversified investments portfolio to withstand various geopolitical challenges that are currently facing the globe while maintaining the positive & sustainable momentum. Furthermore, QPIC is actively seeking new local and regional investment opportunities that compliments the balance of its investments portfolio and meet our shareholders’ needs.”

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

“QPIC core investments performance maintained its positive momentum overall, supported by the favorable performance of petrochemicals markets during 2018, particularly in our investments in EQUATE group, which QPIC share of dividends from them amounted to KD 28.26 million (US$ 93.26 million), reflecting an increase of 38 per cent compared to last year, offsetting the anticipated lower profitability contribution from 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, supported by our strong and diversified portfolio of 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$ 34 billion as at 31 December 2018. 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