Qurain Petrochemical Industries Company (QPIC) has reported a net profit of KD7.09 million ($24.8 million), or 6.47 fils per share, for the year ended December 31, 2009.

“2009 was a successful year for us, with our net profit for the end year of 2009 increased by 226 per cent, to KD7.098 million compared with the 2008 loss of KD5.6 Million. Our net earnings per share (EPS) was 6.47 fils per share, against negative EPS of 5.12 fils in 2008,” said QPIC’s chairman, Sheikh Mubarak Abduallah Al-Sabah.

“I am also pleased to announce today the inauguration of our Aromatics and Olefins II Plant, which is an important milestone for our company.”

QPIC’s total assets as of December 31, 2009 were valued at KD191.35 million ($669.72 million), a 35 per cent increase compared to the same period a year earlier. The increase is directly attributable to the completion of the company’s major petrochemical plants in Kuwait.

QPIC’s initial investments commitments are in aromatics and stryene projects with the equity of 20 per cent producing 400,000 tons per annum of benzene and annually 820,000 tons of para-xylene, and 450,000 tons of styrene.

Equate with a share capital of 6 per cent producing 800,000 tons of ethylene, 830,000 tons of polyethylene, and 400,000 tons of ethylene glycol.

QPIC has also invested in the Kuwait Olefins Company with equity of 6 per cent, producing 850,000 tons per annum ethylene cracker and 600,000 tons per annum of ethylene glycol.-TradeArabia News Service