May 10 2009 |
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Qurain Petrochem reports Q1 net income of KD 8.8m
Qurain Petrochemical Industries Company (QPIC) has today reported strong financial results for the first quarter of 2009 in spite of the global slowdown and the recession that continues in the first quarter of 2009. With another very successful year for Equate , the Total Income for QPIC was KD 9.38 million -- marginally higher than that for the first quarter of 2008.The Net Income for the first quarter after taxes is KD 8.79 million or 8.00 fils per share versus the Net income of KD 8.5 million (KD 7.76 fils) for the same period last year. The company enjoys an excellent financial position considering that it has no debt on its books and no other significant liabilities. It also enters a year when most of the projects it has invested in will be completed. The $2.0 billion Kuwait Aromatics Project and the$2.5 billion Greater Equate projects are, today, more than 95 percent complete as projected.
Investment in associates has gone up by 135 percent due to the additional investment of KD 15.0 million in the share capital of Kuwait Aromatics Company and KD 1.4 million in Algerian Methanol Spa(ALMET). The increase in investment in associates, as compared to March 2008 is in accordance with the company plan to diversify its activities, increase its core investments, and add shareholder value.
In line with its Strategy, additional investments resulted in
QPIC
's total investment in available for sale investments to increase from KD 89.6 million on 31 March 2008 to KD 100.18 million at the end of the first quarter of 2009.
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