Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD5.19million ($17.13million) for the first quarter of 2018-19, compared to KD6.17 million ($20.36 million) for the same period last year.

Earnings per share (EPS) for the quarter stood at 5.00 fils ($16.50cents) compared to 5.93 fils ($19.57 cents) during the same period last year.

Consolidated gross profit decreased 21 per cent to reach KD14.76million ($48.71million) from KD18.60 million ($61.39 million) reported for the same period last year owing to the decrease in sales during the period.

Total assets stood at KD688.78million ($2.27billion)as at 30 June2018, compared to KD671.69million ($2.22billion) on March 31, 2018,representing an increase of 2 per cent.

QPIC’s chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah said: “The achieved results affirm the ability of QPIC’s business model to withstand market volatilities, allowing us to deliver consistent solid performance and results that meet our shareholders’ expectations. Furthermore, QPIC is actively seeking new local and regional investment opportunities that maintains the balance of its investments portfolio.”

QPIC’s vice chairman and chief executive officer Sadoun Ali said: “Despite the marginal increase in our expenses that was led by the acquisitions we made recently, the achieved results were in line with our expectations and long-term outlook that initially led us to diversify our investments.”

“QPIC maintained positive profitability levels throughout its subsidiaries and associates, and we expect them to further enhance in the upcoming future, supported with the added value of our new investments,” he added. – TradeArabia News Service