Kuwait’s Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD6.61 million ($ 21.8 million) for the first six months (H1) of the year, marking an increase of 257 per cent or KD4.76 million over the profit for H1 2014.

The profit figures exclude the extra-ordinary unrealized gains of KD 12.9 million (US$42.6 million) resulted from the reclassification of Sadafco – Saudi Dairy & Foodstuff Co. - from an associate investment to a subsidiary during the same quarter last year.

Earnings per share (EPS) for the said period amounted to 6.31 fils ($20.8 cents) versus 1.76 fils ($5.81 cents) during the same period last year.

Consolidated sales revenue increased by 139 per cent to reach KD82.24 million ($271.5 million) from KD34.42 million ($113.6 million) reported for the same period last year owing the reclassification of Sadafco and increase in ownership.

QPIC’s chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said: “The results achieved showcase the soundness and diversification of QPIC’s investments, which can withstand the current economic circumstances that the region is encountering given the instability of oil and petrochemical product price cycles. QPIC is actively seeking new local and regional investment opportunities, in partnership with well reputed international players within the field.”

QPIC’s vice chairman and chief executive officer Sadoun Ali, said: “Performance from QPIC’s associates and subsidiaries has significantly improved, enabling QPIC to post results that exceeded our expectations. In particular, Sadafco and KARO were the main contributors to QPIC’s higher share of income. KARO, which has suffered from lower profitability in the past, is showing better performance  supported by the improving markets, and we expect it to see enhanced business performance in the future.”- TradeArabia News Service