Aug 12 2010 |
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QPIC logs H1 net profit of KD 1.64m
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 Abdullah Al-Sabah, Chair-man 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 percent (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."
QPIC 's overall assets have slightly declined from the previous quarter standing at KD 184 million with a book value of 164 fils per share.
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.
QPIC recently announced the establishment of United Petrochemical Company (UPC). UPC is a joint venture between Qurain Petrochemical Industries Company which holds 90 percent of the company and United Industries Company , holding 10 percent. UPC has received all required licenses from the Public Authority for Industry for the purpose of establishing PTA and PET plants in Kuwait. The project will become Kuwait's first PTA/PET production plant.
"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 percent 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.
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