Mubasher: Qurain Petrochemical Industries Company reported an 8% annual drop in profits over the nine-month period ended 31 December 2019, given that the fiscal year of the company starts on 1 April.

The profits amounted to KWD 14.29 million ($47.08 million) in the nine-month period of 2019, compared to KWD 15.61 million ($51.42 million) in the same period in 2018, according to a press release on Wednesday.

Earnings per share (EPS) retreated to 13.88 fils (45.73 cents) in December last year from 15.03 fils (49.51 cents) during the same period last year.

In the meantime, total consolidated assets stood at KWD 789.55 million ($2.60 billion) in December 2019, 8% higher than KWD 731.13 million ($2.40 billion) on 31 March 2019, this is primarily due to the company's takeover of a 60% stake in Jassim Transport & Stevedoring Co.

The lower profits registered over the period from April to December 2019 were attributed to Qurain Petrochemical’s lesser share of income from its associate company, Kuwait Aromatics Co.

Commenting on the results, the chairman, Sheikh Mubarak Abdullah Al Mubarak Al Sabah, said, “QPIC’s well-balanced and diversified investment portfolio has enabled the company to withstand the various challenges around the globe, especially concerning the petrochemical markets.”

It is worthy to note that QPIC is part of Kuwait Projects Company (KIPCO) group, one of the major holding companies in the MENA region, with consolidated assets worth $32 billion as at 30 September 2019.


Source: Mubasher

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