Qurain Petrochemical net profit hits $15.74m
KUWAIT CITY, July 25, 2019
Kuwait-based Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD4.78 million ($15.74 million) for the first quarter of 2019-20, compared to KD5.19 million ($17.08 million) for the same period last year.
Earnings per share (EPS) for the quarter stood at 4.61 fils ($15.18 cents) compared to 5.00 fils ($16.46 cents) during the same period last year.
Announcing the results for the first quarter ended June 30, 2019, QPIC said its consolidated gross profit increased 10 per cent to reach KD16.20 million ($53.33 million) from KD14.76 million ($48.59 million) reported for the same period last year owing to the increase in sales revenues during the period.
As of June 30, 2019, the total consolidated assets stood at KD799.08 million ($2.63 billion), compared to KD731.13 million ($2.41 billion) on 31 March 2019, representing an increase of 9 per cent mainly due to the acquisition of a 60% stake in Jassim Transport & Stevedoring Company (JTC) during this quarter.
Commenting on the results, Chairman, Sheikh Mubarak Abdullah Al Mubarak Al Sabah, said: "The achieved results affirm the company’s ability though its diversified portfolio to withstand the various geopolitical challenges around the globe, while maintaining positive and sustainable growth momentum."
"QPIC continues to actively seek new local and regional investment opportunities that compliment the balance of its investments portfolio and meet our shareholders’ needs," he stated.
Vice Chairman and CEO Sadoun Ali, said: "The announced results were in line with our expectations and driven by the witnessed global economic slowdown. However, QPIC’s core investments have maintained an overall positive performance, in particular Saudia Dairy & Foodstuff Company (Sadafco) which witnessed a healthy recovery in performance and profitability compared to the previous year."
"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," he added.-TradeArabia News Service
