PHOTO
- Favorable petrochemical markets performance during 2018 was the main contributor to achieve the announced and highest reported net income since inception.
- Total assets increased by 9% to reach KD 731.13 million (US$ 2.40 billion)
- Actively seeking new investment opportunities in the Region that maintains QPIC’s balanced investment portfolio in the energy and industrial sectors
Kuwait City: Qurain Petrochemical Industries Company K.S.C.P. (QPIC) announced its financial results for the year ended 31 March 2019 with a net income of KD 45.33 million (US$ 148.77 million), compared to KD 35.20 million (US$ 115.52 million) for last year, representing a 29% year on year (YoY) increase. Earnings per share (EPS) for the year is 43.64 fils (US$ 143.22 cents) versus 33.82 fils (US$ 111.0 cents) last year.
Total assets stood at KD 731.13 million (US$ 2.40 billion) as at 31 March 2019, compared to KD 671.67 million (US$ 2.22 billion) on 31 March 2018 representing a 9% increase, due to the recent acquisition made by Saudia Dairy & Foodstuff Company (SADAFCO) in Poland and net revaluation gains.
QPIC’s Board of Directors (BoD) is recommending the distribution of cash dividends amounting to 16 per cent (16 fils per share), subject to approval by the company's General Assembly and regulatory authorities.
Commenting on the results, QPIC’s Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said:
“The announced results doesn’t only represent QPIC highest reported net profits since inception, but affirms the company’s ability and diversified investments portfolio to withstand various geopolitical challenges that are currently facing the globe while maintaining the positive & sustainable momentum. Furthermore, QPIC is actively seeking new local and regional investment opportunities that compliments the balance of its investments portfolio and meet our shareholders’ needs.”
QPIC’s Vice Chairman and Chief Executive Officer, Mr. Sadoun Ali, said:
“QPIC core investments performance maintained its positive momentum overall, supported by the favorable performance of petrochemicals markets during 2018, particularly in our investments in EQUATE group, which QPIC share of dividends from them amounted to KD 28.26 million (US$ 93.26 million), reflecting an increase of 38 per cent compared to last year, offsetting the anticipated lower profitability contribution from SADAFCO, on account of the regional challenges the consumer Saudi market is facing. Nevertheless, SADAFCO has been able to maintain its market share and leading position in Saudi Arabia, and we expect our core investments to continue its positive momentum and improve in the future, supported by our strong and diversified portfolio of investments.”
-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) as well as Inshaa Holding Company. 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$ 34 billion as at 31 December 2018. 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
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.
