QPIC announces net profits for the 1st Quarter ended 30 June 2019

Positive overall performance from QPIC's core investments

QPIC announces net profits for the 1st Quarter ended 30 June 2019

Kuwait City: QPIC - Qurain Petrochemical Industries Company K.S.C.P. - announced a net profit of KD 4.78 million (US$ 15.74 million) for the for the first quarter of 2019-20, compared to KD 5.19 million (US$ 17.08 million) for the same period last year. Earnings per share (EPS) for the quarter stood at 4.61 fils (US$ 15.18 cents) compared to 5.00 fils (US$ 16.46 cents) during the same period last year.

Consolidated gross profit increased 10 per cent to reach KD 16.20 million (US$ 53.33 million) from KD 14.76 million (US$ 48.59 million) reported for the same period last year owing to the increase in sales revenues during the period.

As at 30 June 2019, total consolidated assets stood at KD 799.08 million (US$ 2.63 billion), compared to KD 731.13 million (US$ 2.41 billion) on 31 March 2019, representing an increase of 9 per cent mainly due to the acquisition of a 60% stake in Jassim Transport & Stevedoring Co. K.S.C.C. (JTC) during this quarter.

Commenting on the results, QPIC’s Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said:

“The achieved results affirm the company’s ability though its diversified portfolio to withstand the various geopolitical challenges around the globe, while maintaining positive and sustainable growth momentum. QPIC continues to actively seek new local and regional investment opportunities that compliment 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 in line with our expectations and driven by the witnessed global economic slowdown. However, QPIC’s core investments have maintained an overall positive performance, in particular Saudia Dairy & Foodstuff Company (SADAFCO) which witnessed a healthy recovery in performance and profitability compared to the previous year. 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.”

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$ 33 billion as at 31 March 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.

© Press Release 2019

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