Jul 26 2009 |
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Qurain Petrochemical Industries posts net income of KD 9.38 mn for H1/09
KUWAIT CITY - Qurain Petrochemical Industries Company (QPIC) reported strong financial results for the half year ended June 30, 2009. Total Income for QPIC is KD 10.32 million. The Net Income for the first six months After Taxes is KD 9.38 million or 8.54 fils per share. With continued excellent results from Equate for the year 2008, the company received Kuwaiti Dinars 11.2 million ($38.3 million) as dividend. The company continues to enjoy an excellent financial position considering that it has no debt on its books and no other significant liabilities. Investment in associates has significantly increased by 106% due to the additional investment of KD 15 million in the share capital of Kuwait Aromatics Company and KD 1.4 million in Algerian Methanol Spa (ALMET). Available for sale investments (AFS) carrying cost in the balance sheet as at 30 June 2009 has increased by 10% (KD 8.77 million). The increase in investment in associates, and in available for sale investments is in accordance with the company plan to diversify its activities, increase its core investments, and add shareholder value. The company has succeeded in keeping its general and administrative costs not only within budget but lower than costs for the same period last year.As regards the four projects of the company in Kuwait - the Equate expansion project and the Olefins project have been completed with commercial production having begun. The modern ethylene plant, owned by Kuwait Olefins Company , provides Equate with the required quantity of ethylene. All building and construction works for the $2 billion (KD 580.0 million) aromatics project have been completed. The project team is now conducting the commissioning testing for the project in preparation for commercial operations. Similar commissioning testing for the Styrene plant has also been completed. The completion of these projects is expected to positively reflect on the financial results of the company in the coming years.
The Algerian methanol project has progressed in the first half of the year with the completion of the final review of all provisions of the partnership agreement with Sonatrach -- Algerian Oil Company to enable the work to begin on the project soon.
Kuwait Stock Exchange announced that the Board of Directors of Qurain Petrochemical Industries Company (QPIC) adopted the interim financial statements of the Bank for the period ending June 30, 2009.
For the three months ending June 30, 2009, QPIC earned a profit of KD 588 thousand with EPS valued at 0.54 fils compared to a profit of KD 1 million or 0.93 fils earned during the half year period ending June 30, 2008.
Particulars June 30, June 30,
(6 mths ending) 2009 2008
Profit (Loss) (KD) 9,377,587 9.554.304
EPS (LPS) (fils) 8.54 8.69
Total current
assets 19,826,125 51,320,835
Total assets 163,384,279 163,129,862
Total current
liabilities 12,538,478 3,987,950
Total liabilities 12,592,721 4,054,824
Total equity 150,791,558 159,075,038
The net profit includes unpaid expenses amounting to KD 27,000.
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