Qurain Petrochemical Industries posts KD186,566 net profit for first half of FY 2012/2013
- Kuwait: Monday, October 22 - 2012 at 14:54
- PRESS RELEASE
Qurain Petrochemical Industries Company (QPIC) posted net profit of KD186,566 for the first half of the financial year, ended September 30, 2012. The financial statements of the company for the period ended September 30, 2012, were approved by the Board of Directors.
Commenting on the results, QPIC's Chairman, Sheikh Mubarak Abdullah Al Mubarak Al Sabah, said, "The results are in line with QPIC expectations. The total assets of the company stand at KD242.27m as at September 30, 2012, as compared to KD256.08m on March 31, 2012. This is a decrease of 5% or KD13.81m, and comes as a result of the payout for the 2012 dividend to shareholders."
On the Paraxylene project, Sheikh Mubarak said that the project is still suffering losses, "QPIC is exploring ways to improve the project's profitability, bringing up to the performance levels of similar plants worldwide. This is taking place in coordination with Kuwait Aromatics Company management as well as the project's partners; Petrochemical Industries Company and Kuwait National Petroleum Company. QPIC is still waiting for action on the part of Kuwait Petroleum Corporation actions to resolve the escalating situation."
As for QPIC's future plans, he said, "QPIC is actively seeking new partnerships with well reputed entities and major financial consulting agencies to select viable and reliable investments across the GCC and the Middle East region, in collaboration with leading global investment banks and consultants."
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