Kuwait-based Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD10.49 million ($34.74 million) for the first half of the financial year 2016/2017.

The results represent an increase of 59 per cent compared to the net profit of KD6.61 million ($21.89 million) posted during the same period last year, said a statement from the company.

Earnings per share (EPS) for the half year stood at 10.08 fils ($33.38 cents), compared to 6.31fils ($ 20.89 cents) during the same period last year, it said.

Consolidated gross profit increased by 14 per cent to reach KD32.11 million ($106.32 million) from KD28.07 million ($92.95 million) reported for the same period last year, owing to reduction in the cost of sales during the period, it added.

Investments in associate companies increased by 10 per cent or KD8.3 million ($27.48 million) during the said period, due to increase in share of profits from Kuwait Aromatics Company (Karo) and National Petroleum Services Company (Napesco). Total assets stood at KD531.9 million ($1.76 billion) as at September 30, compared to KD521.5 million ($1.72 billion) on 31 March 2016, said a statement.

Commenting on the results, 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 has encountered given the instability of the market and the geopolitical scene.”

“QPIC continues to actively seek new local and regional investment opportunities, in partnership with well reputed international players in the field,” he added.

On his part, QPIC’s vice chairman and chief executive officer Sadoun Ali, said: “The profits we have achieved are in line with our expectations and the recently adopted policy to diversify our company’s main sources of income, being that all of our subsidiaries and associates performed positively during the quarter and showed stable growth.”

“The Saudia Dairy and Foodstuff Company (Sadafco) and Karo, the two main contributors in achieving the positive results, in addition to the improved performance from the remaining associates and subsidiaries, and we expect their performance to further enhance,” he concluded. – TradeArabia News Service