Aug 10 2010 |
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Qurain Petrochemicals Industries Company Announces 1st Half Earnings of KD 1.64 Million
Qurain Petrochemicals Industries Company ( QPIC ) announced today a net profit of KD 1,644,559 for the first half of 2010 ended 30 June 2010, compared to KD 9,377,587 in the same period of 2009. The net earnings per share (EPS) is 1.50 fils compared with 8.54 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.Commenting on the results, Sheikh Mubarak Abduallah Al-Sabah, Chairman of QPIC said: "This year we had some significant pre-operating expenses in addition to the fact that we are coming out of the petrochemical downturn of 2009. As a result, we expect 2010 to have very modest returns. However, all of our plants in Kuwait are now fully operational and we expect the returns we are seeing this year from our plants to be reflected in our profits in 2011."
"Overall, our income was in-line with our expectations and we have seen our shareholder equity increase by 20% (KD 30 million) compared to the same period last year. QPIC also enjoys a solid cash position that will allow it to take part in potential opportunities in the sector."
Dividend income from Equate and The Kuwait Olefins Company totalled KD 7.48 million compared with KD 11.44 million earned in the previous year.
"Establishing the PTA/PET project is part of QPIC 's long term strategy focused on developing downstream petrochemical projects in the GCC and MENA regions and utilizing its assets to enhance returns to shareholders," commented Al Sabah.
Amongst the highest revenue generators for QPIC is its 6% stake of EQUATE . QPIC , along with companies that include EQUATE , have a mandate of transforming the petrochemical industry in Kuwait into a world class one.
-End-
About Qurain Petrochemical Industries Company
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:
For more information please contact:
Rami El-Adly
Hill & Knowlton, Kuwait
Tel: (+965) 22331770
Mobile : (+965) 65979413
Email : ramiyousef.eladly@hillandknowlton.com
Ali Hassan
Investment Manager
Qurain Petrochemical Industries Company
Tel: +965 2321 1900
Fax: +965 2362 7288
Email: ahasan@qpic-kw.com
© Press Release 2010
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