QPIC announces KD 14.29 million (US$ 47.08 million) in net profits for the nine months period ended 31 December 2019
QPIC announces KD 14.29 million (US$ 47.08 million) in net profits
for the nine months period ended 31 December 2019
Positive overall performance from QPIC’s core investments
Total assets increased by 8% to KD 789.55 million (US$ 2.60 billion)
Actively seeking new investment opportunities that maintains QPIC’s balanced investment portfolio
Kuwait City, 29 January 2020: QPIC - Qurain Petrochemical Industries Company K.S.C.P. - announced a net profit of KD 14.29 million (US$ 47.08 million) for the for the nine months ended 31 December 2019 of the financial year 2019-20, compared to KD 15.61 million (US$ 51.42 million) for the same period last year, lower by 8% due to lesser share of income from our associate company, Kuwait Aromatics Co. K.S.C. (KARO). Earnings per share (EPS) for the three quarters stood at 13.88 fils (US$ 45.73 cents) compared to 15.03 fils (US$ 49.51 cents) during the same period last year.
Consolidated gross profit increased 16% to reach KD 54.71 million (US$ 180.23 million) from KD 47.09 million (US$ 155.13 million) reported for the same period last year owing to the increase in sales revenues during the period.
As at 31 December 2019, total consolidated assets stood at KD 789.55 million (US$ 2.60 billion), compared to KD 731.13 million (US$ 2.40 billion) on 31 March 2019, representing an increase of 8% mainly due to the acquisition of a 60% stake in Jassim Transport & Stevedoring Co. K.S.C.C. (JTC).
Commenting on the results, QPIC’s Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said:
“QPIC’s well-balanced and diversified investment portfolio has enabled the company to withstand the various challenges around the globe, especially concerning the petrochemical markets. We remain actively seek new local and regional investment opportunities that complements the balance of its investments portfolio and meet our shareholders’ needs.”
QPIC’s Vice Chairman and Chief Executive Officer, Mr. Sadoun Ali, said:
“The announced results were overall inline with our expectations and supported by our well-diversified investment portfolio. As the witnessed slowdown in profitability from our investments within the petrochemical sector was offset by the positive contribution from our non-petrochemical investments. In particular, Saudia Dairy & Foodstuff Company (SADAFCO), which witnessed a healthy recovery in performance and profitability compared to the previous year, as well as the additional income from our most recent acquisition, JTC. We expect our investments to show further improvement in the upcoming future, supported by the added value that our new investments bring to the company.”
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) Inshaa Holding Company as well as Jassim Transport & Stevedoring Company (JTC). 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 billion as at 30 September 2019. 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.