Qurain Petrochemical Industries posts KD3.66m net profit for nine months ended December 31, 2012
- Kuwait: Wednesday, January 30 - 2013 at 15:09
- PRESS RELEASE
Qurain Petrochemical Industries Company (QPIC) posted net profit of KD3,664,151 for the nine months ended December 31, 2012. This is compared to a loss of KD88,527 made during the same period last year, representing an increase by KD3,752,678.
Total assets stood at KD245.66m as at December 31, 2012 compared to KD256.09m on March 31, 2012, a decrease of 4% or KD10.43m. This is attributed to dividend payout to shareholders for 2012.
Commenting on the results, Sheikh Mubarak Abdullah Al Mubarak Al Sabah, QPIC's Chairman, said that the Board of Directors approved the company's financial statements for the third quarter of the financial year 2012/2013, adding that the profits exceeded expectations, "The two major factors contributed to achieving better than expected results; the capital gains realized from Equate's share buyback and QPIC's share of income in Kuwait Aromatics Company (KARO). The capital gains from Equate amounted to KD1.75m, whereby KARO contributed for the rest owing to its share of its investment in The Kuwait Styrene Company (TKSC)."
On KARO's Paraxylene project, Sheikh Mubarak added, "QPIC is exploring ways to improve the project's profitability along with KARO's management and project partners; Petrochemical Industries Company and Kuwait National Petroleum Company. QPIC is waiting for Kuwait Petroleum Corporation's action to take suitable measures to resolve pending issues in order to prevent the project from faltering."
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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