Kuwait-based Qurain Petrochemical Industries Company (QPIC) has reported a net profit of KD10.56 million ($35.08 million) for the first half of 2017-18, compared to KD10.49 million ($34.85 million) for the same period last year.

The earnings per share (EPS) for the half year stood at 10.14 fils ($33.69 cents) compared to 10.08 fils ($33.49 cents) during the same period last year, said a statement from the company.

Consolidated gross profit increased 15 per cent to reach KD36.95 million ($122.76 million) from KD32.12 million ($106.71 million) reported for the same period last year owing to the increase in sales during the period, it said.

Total assets stood at KD624.60 million ($2.08 billion) as at September 30, compared to KD608.77 million ($2.00 billion) on March 31, representing an increase of 3 per cent, it added.

The Kuwaiti petrochemical giant said this was mainly due to the consolidation of its new subsidiary, Inshaa Holding Company as at September 30.
 
On the results, QPIC's chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah, said: "The achieved results affirm the ability of our 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,” he added.

Sadoun Ali, vice chairman and CEO, said: “These results are 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 & 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),” he added.-TradeArabia News Service