Kuwait-based Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD34.94 million ($114.56 million) for the year ended March 31, 2017, representing a 42 per cent increase over previous year’s KD24.71 ($81.02 million) net profit.

Earnings per share (EPS) for the financial year amounted to 33.58 fils ($110.10 cents) compared to 23.63 fils ($77.47 cents) reported the previous year.

QPIC’s board of directors is recommending the distribution of a cash dividend of 11 per cent (11 fils per share), subject to approval by the company's general assembly and regulatory authorities.
Consolidated gross profit increased 8 per cent to reach KD61.89 million ($202.92 million) from KD57.34 million ($188.00 million) reported last year, owing to the reduction in cost of sales during the year.

Total assets stood at KD608.77 million ($2 billion) as at March 31, 2017, compared to KD521.47 million ($1.72 billion) as on March 31, 2016, representing a significant increase of 17 per cent. This is mainly attributed to the revaluation gains of our stake at Equate Petrochemicals and The Kuwait Olefins Company (TKOC) and the new acquisitions in National Petroleum Services Company (Napesco) and Inshaa Holding. Investments in associate companies increased by 5 per cent or KD4.21 million ($13.81 million) to reach KD85.82 million ($281.38 million) during the year, owing to the enhanced share of profits from associates.

Commenting on the results, QPIC 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, in partnership with well reputed international players within the field.”

QPIC vice chairman and chief executive officer Sadoun Ali said: “The year-end results were in line with our expectations and long-term outlook that initially led us to start diversifying our investments. Despite the deteriorating performance of the oil and gas sector, and the lower dividends received from Equate and TKOC over the past few years, QPIC has maintained its profitability levels and has further enhanced this through the excellent performance of its subsidiaries and associates, especially Kuwait Aromatics (Karo).” – TradeArabia News Service