Kuwait-based Qurain Petrochemical Industries Company (QPIC) has registered solid profits of KD8.08 million ($28.4 million) for the first half compared to KD0.18 million during the same period last year, reflecting an increase of KD7.9 million.

Announcing the results for the half year ended September 30, 2013, QPIC chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah said the total assets stood at KD295.18 million as of September 30, 2013 compared to KD299.03 million on March 31, 2013, down one per cent or KD3.85 million.

"The investments in associate companies have jumped by 17 per cent or KD8.52 million during the same period due to an increase in share of profits from Kuwait Aromatics (KARO)," he remarked.

QPIC chief said the earnings per share (EPS) for the half year stood at 7.60fils compared to 0.17 fils per share for the same period last year.

“We expect Equate Petrochemical Company & The Kuwait Olefins Company (TKOC) to maintain the same levels of performance and profitability witnessed in the past years, and for the other investments to achieve enhanced results. QPIC is also actively seeking new local and regional investments opportunities, in collaboration with world leading investment banks and consultants,” he noted.

Moreover, QPIC’s vice chairman and CEO Sadoun Ali said, “KARO was the main driver in exceeding our expectations during the quarter, resulting in achieving a higher share of income due to favorable market conditions.”

With regards to the Aromatics project (KPPC), Ali said: “Despite the improved performance during the quarter due to positive market performance, profits are expected to diminish for the remainder of the year because of the expected reversal in market trends."

According to him, QPIC is exploring ways to improve the performance of the Paraxylene Project to align it with similar projects around the world.

"This is being done in co-ordination with Karo’s management and our project partners, Petrochemical Industries Company and Kuwait National Petroleum Company (KPC), which resulted in marginal improvements on the project’s returns that are not continuous in nature. However, QPIC is awaiting KPC’s effective intervention to resolve pending issues to prevent the project from faltering,” he added.-TradeArabia News Service