Apr 21 2010 |
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Qurain Petrochemicals Industries Company Announces 1st Quarter Earnings of KD 3,251,537
Kuwait - 21 April, 2010: Qurain Petrochemicals Industries Company ( QPIC ) announces a net profit of KD 3,251,537 for the quarter ended 31 March 2010, compared to KD 8,788,639 in the same period of 2009. The net earnings per share (EPS) is 2.97 fils compared with 8.00 fils for the same period last year. The decline in earnings is largely due to lower petrochemical prices in the first half of 2009 and pre-operating expenses of associate companies, namely The Kuwait Aromatics Company .
The Kuwait Aromaitcs Plant was inaugurated by His Highness the Amir on February 2010 and has commenced commercial production that is expected to begin earning in the second half of 2010.
Chairman of QPIC , Sheikh Mubarak Abduallah Al-Sabah, commenting on the results said: "The earnings this quarter is a reflection of the decline in petrochemical prices in the first half of 2009, a significant recovery has been witnessed since the 2nd half of last year that we expect to reflect in our earnings in the coming years. The Paraxylene Project has now been completed and the Kuwait Aromatics Company can now benefit from this new operation going forward."
"Overall, our income was in-line with our expectations and we have seen our shareholder equity increase by 3% (KD 5.18 million) over the same period. QPIC also enjoys a solid cash position that will allow it to take part in potential opportunities in the sector" concluded Sheikh Mubarak.
Dividend income from Equate and The Kuwait Olefins Company totalled KD7.41 million compared with KD11.25 million received by Equate in the previous year
-Ends-
Qurain Petrochemical Industries Company (QPIC) was established by Amiri Decree in 2004 with a share capital of Kuwaiti Dinars 110 million. The establishment of QPIC by the Petrochemical Industries Company (PIC) followed Kuwait Petroleum Company's (KPC) strategic initiative to encourage more private sector engagement in major petrochemical projects in Kuwait.
QPIC is focused on investing directly and indirectly in companies producing, trading and storing chemical and petrochemical products and related by-products, including but not limited to Benzene, Para-Xylene, Light Naphtha, Hydrogen, Light Ends, Heavy aromatics, Styrene, Ethylene Glycol, Ethane, and Methanol.
Headquartered in Kuwait, QPIC is engaged in several projects including EQUATE, Olefins II, Aromatics and Styrene in Kuwait, and Algerian Methanol, and is actively investigating local, regional, and international opportunities as part of its long-term strategy. United Industries Company , a KIPCO Group company, is a major shareholder in QPIC .
For more information please visit: www.qpic-kw.com or contact:
Rami El-Adly
Hill & Knowlton, Kuwait
Tel: (+965) 22331770
Mobile : (+965) 65979413
Email : ramiyousef.eladly@hillandknowlton.com
Ali Hassan
Investment Officer
Qurain Petrochemical Industries Company
Tel: +965 2321 1900
Fax: +965 2362 7288
Email: ahasan@qpic-kw.com
© Press Release 2010
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