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Qurain Petrochemicals posts KD1.58m net loss in first nine months of 2010

NIG earns KD 7.5 million in Q3
KUWAIT CITY, Nov 10: Qurain Petrochemicals Industries Company ( QPIC ) today announced a net loss of KD 1,584,981 for the first nine months of 2010 ended 30 Septtember 2010, compared to KD 7,791,664 in the same period of 2009. Net earnings per share (EPS) is 1.44 fils compared with 7.10 fils for the same period last year.

Sheikh Mubarak Abduallah Al-Sabah, Chairman of QPIC said that the reasons for the loss resulted from the performance of Kuwait Paraxylene Company (KPPC)'s paraxylene plant. KPPC is 20 percent owned by QPIC through its ownership of the Kuwait Aromatics Company, 40 percent owned by Kuwait Petroleum Company (KPC) through its interest in Petrochemical Industries Company (PIC), and 40 percent owned by Kuwait National Petroleum Company ( KNPC ).

The plant is managed by EQUATE. Sheikh Mubarak added that the operating losses suffered by KPPC were mainly due to the high cost of raw materials from KNPC and a decrease in the world price of paraxylene. This was compounded by the cost of the initial capital investment for setting up the plant.

Sheikh Mubarak confirmed that KPPC's management is evaluating the current position in relation to KPPC and will submit its suggestions towards a resolution in coordination with all parties involved.

Sheikh Mubarak said: "Overall, our income was in-line with 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 opportunities in the sector as and when they become apparent."

QPIC 's overall assets remained in line with the previous quarter and stand at KD 181.5 million, with a book value of 161 fils per share.

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.

National Industries Group Holding Company (NIG) reported that the Board of Directors approved the financial statements for the third quarter period ending Sept 30, 2010, dated Nov 10, 2010.

For the three months ending Sept 30, 2010, NIG earned a profit of KD 7.5 million with earning per share valued at 5.95 fils as compared to a profit of KD 11.6 million earned for the three months ending Sept 30, 2009.

Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) 570,000 429,000
EPS (LPS) (fils) 0.45 0.34
Total current assets 480,873,000 563,931,000
Total assets 1,602,948,000 1,676,493,000
Total current
liabilities 773,373,000 883,498,000
Total liabilities 1,003,567,000 1,075,831,000
Total equity 559,381,000 600,662,000
Total income is worth KD 646,000 and total expenses amounts to KD 2,488,000.

Board of Directors of the Heavy Engineering Industries and Ship Building Company (HEISCO) met on Nov 10, 2010, and adopted the financial statements for the half year period ending Sept 30, 2010.

HEISCO earned a profit of KD 1.6 million or 10.08 fils per share for the three months ending Sept 30, 2010 as compared to a profit of KD 644,000 or 3.94 fils per share earned during the same period last year.

Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) 3,388,662 3,915,267
EPS (LPS) (fils) 20.73 23.95
Total current assets 51,169,764 53,931,599
Total assets 83,557,078 86,109,956
Total current liabilities 49,430,863 56,406,472
Total liabilities 55,857,904 62,961,971
Total equity 27,699,174 23,147,985


Kuwait Stock Exchange (KSE) announced that the Board of Directors of the Kuwait and the Gulf Link Transport Company (KGL) met on Nov 10, 2010, and adopted the financial statements for the Q3 period ending Sept 30, 2010.

KGL incurred a loss of KD 2.6 million, equivalent to 10.19 fils per share for the three months ending Sept 30, 2010 as compared to a loss of KD 2.3 million or 8.77 fils per share incurred during the same period 2009.

Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) 361,389 (1,400,332)
EPS (LPS) (fils) 1.37 (5.30)
Total current assets 73,461,496 76,713,618
Total assets 226,616,595 234,581,481
Total current liabilities 81,396,845 81,932,250
Total liabilities 152,153,220 163,348,835
Total equity 70,723,764 67,274,820

Kuwait Stock Exchange (KSE) announced that the Board of Directors of the Al Safat Energy Holding Company (Safat Energy) met on Nov 10, 2010, and adopted the financial statements for the Q3 period ending Sept 30, 2010.

Safat Energy reported a loss of KD 1.6 million for the three months ending Sept 30, 2010 as compared to a profit of KD 70,000 or 0.11 fils per share earned during the same period 2009.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) (2,487,449) 276,346
EPS (LPS) (fils) (4.13) 0.45
Total current assets 15,277,287 18,574,429
Total assets 76,730,072 81,401,726
Total current liabilities 6,623,428 9,364,828
Total liabilities 6,752,786 9,498,315
Total equity 61,011,961 62,803,520
Total expenses from transactions amounting to KD 182,264.

Al-Madina for Finance and Investment Company (Al-Madina) obtained the approval of the Central Bank of Kuwait to the financial statements for the Q3 periods ending Sept 30, 2010, dated Nov 9, 2010.
Al-Madina reported a loss of KD 2.1 million for the three months ending Sept 30, 2010 as compared to a profit of KD 97,000 earned during the same period last year.

Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) (5,818,893) (2,512,478)
EPS (LPS) (fils) (15.87) (7.05)
Total current assets 50, 273,328 51,869,706
Total assets 154,729,546 170,416,736
Total current liabilities 38,404,974 64,687,327
Total liabilities 76,283,061 75,554,295
Total equity 70,732,221 74,440,463
Total income from transactions is worth KD 881,540 and total expenses from transactions amounts to KD 133,125.

Board of Directors of the Grand Real Estate Projects Company (Grand) met on Nov 10, 2010, and adopted the financial statements for the Q3 period ending Sept 30, 2010.

Grand sustained a loss of KD 1.5 million or 3.82 fils per share for the three months ending Sept 30, 2010 as compared to a loss of KD 6.5 million or 14.4 fils per share incurred during the same period last year.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) (15,143,555) (8,586,615)
EPS (LPS) (fils) (34.46) (18.91)
Total current assets 4,348,565 11,842,171
Total assets 113,321,370 145,285,596
Total current liabilities 13,731,756 16,136,129
Total liabilities 56,747,428 50,387,581
Total equity 20,993,644 54,836,054
Total income from transactions is worth KD (40,512) and total expenses amounts to KD (427,016).

Kuwait Stock Exchange (KSE) announced that the Board of Directors of the Al- Deera Holding Company (Al- Deera ) met on Nov 10, 2010, and adopted the financial statements for the Q3 period ending Sept 30, 2010.

Al- Deera incurred a loss of KD 1.05 million for the three months ending Sept 30, 2010 as compared to a profit of KD 3.4 million earned during the same period 2009.

Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) (10,108,850) (3,419,424)
EPS (LPS) (fils) (13.77) (5.26)
Total current assets 22,566,191 27,057,579
Total assets 155,616,784 185,420,307
Total current liabilities 47,851,151 27,999,616
Total liabilities 69,055,300 69,431,088
Total equity 89,146,498 118,790,477
Total expenses from transactions amounts to KD 327,720 and total income from transactions is worth KD 139,462.

Kuwait Stock Exchange (KSE) announced that the Board of Directors of the Gulf Franchising Holding Company met on Nov 10, 2010, and adopted the financial statements for the Q3 period ending Sept 30, 2010.

The company sustained a loss of KD 432,000, equivalent to 3.65 fils per share for the three months ending Sept 30, 2010 as compared to a loss of KD 1.16 million or 9.81 fils per share incurred during the same period 2009.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) (1,205,957) (3,528,436)
EPS (LPS) (fils) (10.18) (29.78)
Total current assets 4,790,051 8,097,630
Total assets 9,279,060 14,097,840
Total current liabilities 1,611,614 5,297,985
Total liabilities 3,576,819 5,710,493
Total equity 5,702,241 8,387,347
Total income from transactions is worth KD 5,858 and total expenses from transactions amounts to KD 101,218.

Board of Directors of the Kuwait Cable Vision Company met on Nov 10, 2010, and adopted the financial statements for the third quarter period ending Sept 30, 2010.

The company reported a loss of KD 1.9 million for the three months ending Sept 30, 2010 as compared to a loss of KD 283,000 incurred during the same period last year.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) (2,856,664) (532,423)
EPS (LPS) (fils) (42.50) (9.3)
Total current assets 4,152,876 2,537,666
Total assets 6,234,825 6,129,310
Total current liabilities 3,058,570 3,049,909
Total liabilities 3,144,753 3,132,830
Total equity 3,090,072 2,996,480
Total expenses from transactions with related parties amounts to KD 44,254.

Kuwait Invest Holding Company (Kuwait Invest) obtained the approval of the Board of Directors to the financial statements for the Q3 periods ending Sept 30, 2010, dated Nov 10, 2010.

The company reported a profit of KD 668,000 for the three months ending Sept 30, 2010 as compared to a loss of KD 8,896,000 incurred during the same period last year.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) (2,291,661) 1,956,245
EPS (LPS) (fils) (7.3) 6.3
Total current assets 34,494,437 41,400,349
Total assets 61,755,858 70,316,530
Total current liabilities 15,445,233 2,986,231
Total liabilities 16,675,601 15,665,164
Total equity 45,080,257 54,651,366
Total income from transactions is worth KD 382,181.

Kuwait Stock Exchange (KSE) announced that the Board of Directors of the Al-Safwa Group Holding Company (Al-Safwa) met on Nov 10, 2010, and adopted the financial statements for the Q3 period ending Sept 30, 2010.

Al-Safwa sustained a loss of KD 3.9 million, equivalent to 3.01 fils per share for the three months ending Sept 30, 2010 as compared to a loss of KD 5.8 million or 4.50 fils per share incurred during the same period 2009.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) (8,354,455) (4,256,237)
EPS (LPS) (fils) (6.43) (3.29)
Total current assets 70,421,747 86,673,381
Total assets 184,203,233 206,183,903
Total current liabilities 45,307,258 61,106,985
Total liabilities 101,472,858 104,514,031
Total equity 44,227,030 61,716,173
Total expenses from transactions amounting to KD 418,479 and total income is worth KD 10,341.

Board of Directors of the Kuwait Real Estate Holdings Company (KREH) met on Nov 10, 2010, and adopted the financial statements for the half year period ending Sept 30, 2010.

KREH sustained a loss of KD 902,000 or 2.92 fils per share for the three months ending Sept 30, 2010 as compared to a profit of KD 865 thousand or 2.8 fils per share earned during the same period last year.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) (1,544,943) 16,730
EPS (LPS) (fils) (5.01) 0.05
Total current assets 10,926,164 14,283,249
Total assets 63,771,171 76,359,201
Total current liabilities 31,823,833 32,902,733
Total liabilities 37,760,908 39,139,529
Total equity 25,981,407 37,170,305
Total income from transactions is worth KD 82,653 and total expenses amounts to KD 1,356.

Kuwait Stock Exchange (KSE) announced that the Board of Directors of the Aref Energy Holding Company (Aref Energy) met on Nov 10, 2010, and adopted the financial statements for the Q3 period ending Sept 30, 2010.

Aref Energy earned a profit of KD 583,000, equivalent to 0.8 fils per share for the three months ending Sept 30, 2010 as compared to a loss of KD 322,000 or 0.4 fils per share incurred during the same period 2009.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) 11,292,243 (473,771)
EPS (LPS) (fils) 15.1 (0,6)
Total current assets 91,425,896 71,770,133
Total assets 120,482,259 120,250,616
Total current liabilities 31,779,214 37,597,696
Total liabilities 36,180,836 37,925,679
Total equity 75,721,616 71,317,517
Total expenses from transactions amounting to KD 815,071.

United Food Industries Group Company (UFIG) reported that the Board of Directors approved the financial statements for the third quarter period ending Sept 30, 2010, dated Nov 10, 2010.
For the three months ending Sept 30, 2010, UFIG incurred a loss of KD 23,000 with loss per share valued at 0.7 fils as compared to a profit of KD 62,000 earned for the three months ending Sept 30, 2009.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) 711,839 402,873
EPS (LPS) (fils) 21.46 12.15
Total current assets 3,954,683 3,528,498
Total assets 7,259,736 8,958,501
Total current liabilities 1,654,282 1,967,578
Total liabilities 1,812,940 2,372,949
Total equity 5,446,796 5,599,699


Central Bank of Kuwait approved on Nov 9, 2010 the financial statements of Housing Finance Company (Iskan) for the Q3 periods ending Sept 30, 2010.

The company reported a profit of KD 38,000 for the three months ending Sept 30, 2010 as compared to a loss of KD 1.7 million incurred during the same period last year.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) 86,869 (11,284,589)
EPS (LPS) (fils) 0.30 (38.50)
Total current assets 54,289,141 69,366,971
Total assets 193,259,256 212,515,711
Total current liabilities 64,120,658 106,585,011
Total liabilities 155,287,847 172,885,011
Total equity 22,160,402 24,487,447
Total expenses from transactions with related parties amounts to KD 614,387.

Board of Directors of the Abyaar Real Estate Company (Abyaar) met on Nov 10, 2010, and adopted the financial statements for the third quarter period ending Sept 30, 2010.

The company reported a loss of KD 467,000 for the three months ending Sept 30, 2010 as compared to a profit of KD 55,000 earned during the same period last year.
Particulars Sept 30, Sept 30,
(9 months ending) 2010 2009
Profit (Loss) (KD) (2,882,525) 5,007,526
EPS (LPS) (fils) (2.75) 6.9
Total current assets 43,223,635 54,892,560
Total assets 275,349,472 309,728,025
Total current liabilities 136,126,620 70,521,900
Total liabilities 171,183,250 163,663,426
Total equity 104,266,222 146,064,599

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