Kuwait’s Qurain Petrochemical Industries Company (QPIC) has posted a net profit of KD3.35 million ($11.09 million) for the first half of 2021-22 ended September 30, 2021, compared to KD6.58 million for the same period last year.

 

Equate Group, of which QPIC is a shareholder, net profits increased to $543 million versus $124 million in the first half of 2021, enabled by the excellent recovery of its core products.

Earnings per share (EPS) for the first half year stood at 3.27 fils compared to 6.44 fils during the same period last year.

 

Consolidated gross profit during the period amounted to KD31.46 million compared to KD39.14 million reported for the same period last year owing to the decline in revenues from our subsidiaries. 

 

Total consolidated assets as on September 30, 2021 stood at KD772.05 million compared to KD759.39 million reported at the end of the previous financial year (March 31, 2021), showing a marginal increase mainly due to acquisition of Advanced Technology Company (ATC).

 

Commenting on the results, QPIC’s Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said: “Despite the drop in year-on-year variation in profitability and overall performance of QPIC group companies owing to the onset global health and economic crises, we have started to see signs of gradual recovery across the different sectors our group companies operate in. We remain confident that QPIC’s balanced and diversified investment portfolio will reduce the impact of this economical turbulence on our future performance and will enable QPIC to withstand the different global challenges we are witnessing, especially with the addition of our recent investment in the healthcare. In the meantime, we continue to look for new opportunities that will further enhance the balance of our portfolio and maximise our shareholders’ interests.”

 

QPIC’s Vice Chairman and Chief Executive Officer, Sadoun Ali, said: “Our ability to deliver the positive performance despite the overall weakness of the business environment and challenges that negatively impacted the performance of most of our group companies is a reflection of our sound business model and diversification strategy. On a positive note, the Petrochemical markets have witnessed a strong recovery since the beginning of 2021. Furthermore, we have also acquired during the announced quarter an equity stake amounting to 29.50% in ATC for a total consideration of KD22.18 million. 

 

"ATC is a leading end-to-end total healthcare solutions provider that is specialised in providing and maintenance of medical equipment in Kuwait. Finally, we look forward to enhance our future performance with the support of our well diversified group companies and the gradual relief of the onset pandemic and challenges.”-- TradeArabia News Service