Kuwait-based Qurain Petrochemical Industries Company (QPIC) has reported a net profit of KD6.17 million ($20.23 million) for the first quarter of 2017-18, representing a 24 per cent increase over the same period last year (KD4.98 million).

The earnings per share (EPS) for the quarter stood at 5.93 fils compared to 4.79 fils during the same period last year, said a statement from the company.

Consolidated gross profit increased 11 per cent to reach KD18.60 million ($60.98 million) from KD16.77 million ($54.98 million) reported for the same period last year owing to the increase in sales during the period, it said.

Total assets stood at KD620.55 million ($2.03 billion) as at June 30, compared to KD608.77 million ($2.00 billion) on March 31, representing an increase of 2 per cent.

This is mainly due to the consolidation of its new subsidiary, Inshaa Holding Co., as at June 30.

QPIC’s chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said: “The achieved results affirm the ability of our business model to withstand market volatilities, allowing us to deliver consistent solid performance and results that meet our shareholders’ expectations.”

“Furthermore, our company is actively seeking new local and regional investment opportunities, in partnership with well reputed international players within the field,” he said.

QPIC’s vice chairman and chief executive officer Sadoun Ali, said: “The achieved results were in line with our expectations and long-term outlook that initially led us to start diversifying our investments. Despite the deteriorating performance.”

“In the international scene, QPIC has maintained its profitability levels and has further enhanced this through the excellent performance of its subsidiaries and associates,” he added. – TradeArabia News Service