|28 October, 2019

QPIC announces KD 9.69 million (US$ 31.80 million) in net profit

Positive overall performance from QPIC's core investments

QPIC announces KD 9.69 million (US$ 31.80 million) in net profit

QPIC - Qurain Petrochemical Industries Company K.S.C.P. - announced a net profit of KD 9.69 million (US$ 31.80 million) for the first half of 2019-20, compared to KD 9.61 million (US$ 31.53 million) for the same period last year. Earnings per share (EPS) for the first half year stood at 9.38 fils (US$ 30.78 cents) compared to 9.25 fils (US$ 30.35 cents) during the same period last year.

Consolidated gross profit increased 13 per cent to reach KD 35.27 million (US$ 115.73 million) from KD 31.11 million (US$ 102.08 million) reported for the same period last year owing to the increase in sales revenues during the period.

As at 30 September 2019, total consolidated assets stood at KD 773.20 million (US$ 2.54 billion), compared to KD 731.13 million (US$ 2.40 billion) on 31 March 2019, representing an increase of 6 per cent mainly due to the acquisition of a 60% stake in Jassim Transport & Stevedoring Co. K.S.C.C. (JTC) during the first quarter.

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

“The achieved results reflect the capability of QPIC well-balanced portfolio to maintain and sustain the positive momentum despite the witnessed geopolitical & market challenges around the globe. QPIC remain actively seeking new local and regional investment opportunities that complement 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 supported by QPIC’s well-diversified portfolio, as QPIC core investments maintained an overall positive performance during the year despite the slowdown in petrochemical markets. Saudia Dairy & Foodstuff Company (SADAFCO) in particular witnessed a healthy recovery in performance and profitability compared to last year and we expect our investments to show further improvement in the upcoming future, driven by the added value that our new investments bring to the company.”

© Press Release 2019

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