Qurain Petrochemical Industries posts KD186,566 net profit for first half of FY 2012/2013

QPIC's net profit of KD186,566 represents 69% of the KD271,345 net profit made in the same period last year, after excluding the extraordinary profits realized due to the gain of the Equate treasury share buyback amounting to KD2,020,976. Earnings per share (EPS) for the period stood at 0.17 fils, compared to an EPS of 2.09 Fils per share in the half year.

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."