QPIC H1 net profit shoots up 472% to $51.14mln

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Kuwait - Qurain Petrochemical Industries Company (QPIC), one of Kuwait’s biggest private petrochemical investors, has seen its first-half (H1) net profit shoot up 472% to KD15.81 million ($51.14 million) from KD3.35 million last year. Earnings per share (EPS) for the first half stood at 14.72 fils compared to 3.27 fils during the same period last year.

Total consolidated assets increased to KD827.05 million as of September 30, 2022, compared to KD784.99 million reported at the end of the previous financial year (March 31, 2022) due to acquisition of additional 9% stake in Advanced Technology Company (ATC).

Recovery momentum

QPIC’s Chairman, Sadoun A Ali, said: “The achieved results confirm the recovery momentum of QPIC Group companies from the global health crisis and weaker business environment witnessed over the previous two years. Petrochemical markets in particular have seen the biggest recovery since the beginning of last year and continue to deliver excellent results. We constantly seek opportunities that enhance the balance of our portfolio and optimise our shareholders’ interests.”

QPIC’s Vice Chairman and Chief Executive Officer, Sheikh Sabah M A Al-Sabah, said: “Despite the group’s overall improvement in performance and results, the announced results mainly attribute to Equate Group’s interim dividends that were distributed for the second quarter in a row. QPIC share of Equate interim dividends amounted to approximately KD8 million since the beginning of the financial year. We’re looking forward to maintaining and delivering healthy performance across all of our group companies and the different sectors they operate within.”