Kuwait-based Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD16.57 million ($54.15 million) for the nine months ended December 31, 2016, representing an increase of 46 per cent over previous year figures.

This compares favourably to a net profit of KD11.35 million ($37.09 million) posted during the same period last year, representing an increase of 46 per cent, said a statement from the company.

Earnings per share (EPS) for the said period amounted to 15.94 fils ($52.09 cents) compared to 10.84 fils ($35.42 cents) during the same period last year, it said.

Consolidated gross profit increased by 11 per cent to reach KD46.82 million ($153.01 million) from KD42.36 million ($138.43 million) reported for the same period last year attributed to the reduction in cost of sales during the period, it added.

Investments in associate companies increased by 20 per cent or KD16.61 million ($54.28 million) during the said period, owing to the net increase in share of profits from Kuwait Aromatics Co (Karo) and National Petroleum Services Co (Napesco), said a statement.

This brings total assets to KD548.37 million ($1.79 billion) as of 31 December 2016, compared to KD521.47 million ($1.71 billion) on March 31, 2016, it said.

Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, chairman, QPIC, said: “The results achieved showcase the soundness and diversification of QPIC’s investments, which can withstand the current economic circumstances that the region has encountered given the instability of oil market.”

“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 chief executive officer, QPIC, said: “The achieved results are in line with our expectations and our policy to diversify the company’s main sources of income, adopted over the past few years.”

“All of our subsidiaries and associates performed positively during the current financial year and showed stable growth,” he said.

“The Saudia Dairy & Foodstuff Co (Sadafco) and Karo are the two main contributors in achieving these positive results, in addition to the improved performance from the remaining associates and subsidiaries. We expect that the performance of our subsidiaries will continue to be enhanced,” he added. – TradeArabia News Service