QPIC announces $47mln in net profits

For the nine months period ended 31 December 2019

  
Sheikh Mubarak Abdullah Al Mubarak Al Sabah - QPIC Chairman

Sheikh Mubarak Abdullah Al Mubarak Al Sabah - QPIC Chairman

  • Positive overall performance from QPIC’s core investments
  • Total assets increased by 8% to KD 789.55 million (US$ 2.60 billion)
  • Actively seeking new investment opportunities that maintains QPIC’s balanced investment portfolio 

Kuwait City: QPIC - Qurain Petrochemical Industries Company K.S.C.P. - announced a net profit of KD 14.29 million (US$ 47.08 million) for the for the nine months ended 31 December 2019 of the financial year 2019-20, compared to KD 15.61 million (US$ 51.42 million) for the same period last year, lower by 8% due to lesser share of income from our associate company, Kuwait Aromatics Co. K.S.C. (KARO). Earnings per share (EPS) for the three quarters stood at 13.88 fils (US$ 45.73 cents) compared to 15.03 fils (US$ 49.51 cents) during the same period last year.

Consolidated gross profit increased 16% to reach KD 54.71 million (US$ 180.23 million) from KD 47.09 million (US$ 155.13 million) reported for the same period last year owing to the increase in sales revenues during the period.

As at 31 December 2019, total consolidated assets stood at KD 789.55 million (US$ 2.60 billion), compared to KD 731.13 million (US$ 2.40 billion) on 31 March 2019, representing an increase of 8% mainly due to the acquisition of a 60% stake in Jassim Transport & Stevedoring Co. K.S.C.C. (JTC).

Commenting on the results, QPIC’s 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. We remain actively seek new local and regional investment opportunities that complements the balance of its investments portfolio and meet our shareholders’ needs.”

QPIC’s Vice Chairman and Chief Executive Officer, Mr. Sadoun Ali, said:

“The announced results were overall inline with our expectations and supported by our well-diversified investment portfolio. As the witnessed slowdown in profitability from our investments within the petrochemical sector was offset by the positive contribution from our non-petrochemical investments. In particular, Saudia Dairy & Foodstuff Company (SADAFCO), which witnessed a healthy recovery in performance and profitability compared to the previous year, as well as the additional income from our most recent acquisition, JTC. We expect our investments to show further improvement in the upcoming future, supported by the added value that our new investments bring to the company.”

-Ends-

Established in 2004, Qurain Petrochemical Industries Company (QPIC) is a public shareholding company with a total capital of one hundred and ten million Kuwaiti dinars distributed over a billion and one hundred million shares. Our Investments portfolio combines stakes of Kuwait’s largest petrochemical projects such as Equate Petrochemicals, The Kuwait Olefins Company (TKOC) and Kuwait Aromatics (KARO). In addition to our significant stakes being a majority shareholder in Saudia Dairy & Foodstuff Company (SADAFCO), National Petroleum Services Company (NAPESCO), United Oil Projects (UOP) Inshaa Holding Company as well as Jassim Transport & Stevedoring Company (JTC). QPIC financial year starts on April 1st, and ends in March 31st of every year.

QPIC is part of Kuwait Projects Company (KIPCO) group - one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 32 billion as at 30 September 2019. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.

For further information, please visit: www.qpic-kw.com or contact:
Abdul-Hameed Malhas     
Investment, Corporate Communications & Relations Manager
Tel:+965-2294-3232 - Ext. 2012
Email:  Malhas@qpic-kw.com            

Nabil F. Fayed
Administrative Affairs Manager
Tel: +965 2294-3232- Ext. 2041
Email: Nabil@qpic-kw.com 

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases