Make MENAFN My Home Page
 
  Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - QPIC records KD 9 mln net profit for 9M, up 143% y/y   Join our daily free Newsletter

MENAFN - Arab Times - 03/02/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab Times) Qurain Petrochemical Industries Company KSC (QPIC) announced today its financial results for the nine month period ended Dec 31, 2013. The company posted net profit of KD 9 million (32 million), compared to KD 4 million (13 million) during the same period last year, reflecting an increase of 143% or KD 5 million (19 million). Earnings per share (EPS) for the quarter stood at 8.41 fils (2.9 cents) compared to 3.36 fils (1.2 cents) per share for the same period last year. QPIC's Chairman, Sheikh Mubarak Abdullah Al Mubarak Al Sabah said, "Total assets stood at KD 336 million (1,189 million) as of December 31st 2013 compared to KD 299 million (1,058) on the 31st March 2013, which represents an increase by 12% or KD 37 million (131 million). Investments in associate companies have jumped by 155% or KD 76 million (270 million) during the same period, which is attributed to the 29% stake acquisition in Saudia Dairy & Foodstuff Company (SADAFCO), in addition to the increase in share of profits from #Kuwait Aromatics Company (KARO). He further added, "QPIC is actively seeking new local and regional investments opportunities particularly across the Petrochemical Industries as well as within the Energy & Industry sectors, in collaboration with world leading investment banks and consultants."



Moreover, QPIC's Vice Chairman and Chief Executive Officer, Sadoun Ali said, "Kuwait Aromatics Company (KARO) was the main driver in exceeding our expectations during the quarter, resulting in achieving a higher share of income due to favorable market conditions, in addition to our share of income from our new associate, SADAFCO". With regards to the Aromatics project (KPPC), Ali added:

"Despite the improved performance during the year owing to favorable market conditions, prits are expected to diminish due to the anticipated reversal in market trends. QPIC is exploring ways to improve the performance of the project to align it with similar projects around the world. This is being done in coordination with KARO's management and our project partners, Petrochemical Industries Company (PIC) and #Kuwait National Petroleum Company (KNPC), which resulted in noticeable but not significant improvements in the project's net returns. However, QPIC is awaiting #Kuwait Petroleum Company's (KPC's) effective intervention to resolve pending issues to prevent a significant impact on the project's economics."




Qurain Petrochemical Industries Company (QPIC) was established by Amiri Decree in 2004 with a share capital of Kuwaiti Dinars 110 million. The establishment of QPIC by the Petrochemical Industries Company (PIC) followed #Kuwait Petroleum Company's (KPC) strategic initiative to encourage more private sector engagement in major petrochemical projects in Kuwait. Headquartered in Kuwait, QPIC is engaged in several projects including EQUATE, Olefins II, Aromatics and Styrene in Kuwait, and is actively investigating local, regional, and international opportunities as part of its long-term strategy. United Industries Company, a KIPCO Group company, is a major shareholder in QPIC.



The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of 29 billion as at Sept 30, 2013. 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.




 
 


Arab Times




Indian shuttlers eye top positions at World Championships, ,8/21/2017 8:56:23 AM



(MENAFN - NewsBytes) Indian shuttlers eye top positions at World Championships 21 Aug 2017 The 2017 BWF World Badminton Championships starts from 21st August at Emirates Arena in Glasgow. ...


Flipkart goes global, will woo NRIs with desi products, ,8/21/2017 8:56:23 AM



(MENAFN - NewsBytes) Flipkart goes global, will woo NRIs with desi products 21 Aug 2017 Amazon already does it and from now on, so will Flipkart. The home-grown e-commerce platform will now ...


Jinder Mahal retains WWE Championship title, ,8/21/2017 8:56:23 AM



(MENAFN - NewsBytes) Jinder Mahal retains WWE Championship title 21 Aug 2017 Jinder Mahal defeated Shinsuke Nakamura to retain his WWE Championship title for the third time at the WWE ...


Turkish president arrives in Amman, ,8/21/2017 8:29:20 AM



(MENAFN - Jordan News Agency) Amman, Aug. 21 (Petra)-- Turkish President Recep Tayyip Erdogan arrived in Amman on Monday on an official visit for talks with His Majesty King Abdullah II on means to ...


Jordan- King receives U.S. secretary of defense, ,8/21/2017 8:29:20 AM



(MENAFN - Jordan News Agency) Amman, Aug. 21 (Petra)--His Majesty King Abdullah II on Monday received U.S. Secretary of Defense James Mattis and discussed with him the strategic partnership between ...


Jordan takes part in Arab League anti-terrorism meeting, ,8/21/2017 9:10:28 AM



(MENAFN - Jordan News Agency) Cairo, Aug. 21 (Petra) -- Jordan's Ambassador to Egypt and Permanent representative to the League of Arab States Monday participated in a meeting of senior officials ...


Jordan takes part in Arab meeting in Cairo, ,8/21/2017 9:10:28 AM



(MENAFN - Jordan News Agency) Cairo, Aug. 21 (Petra)-- Jordan is taking part in meetings of the Economic Committee of Arab Economic and Social Council that began in Cairo on Monday. The two-day ...


Senate president affirms Jordan's support to Libya to end political crisis, ,8/21/2017 9:10:28 AM



(MENAFN - Jordan News Agency) Amman, Aug. 21 (Petra)--Senate President Faisal Al Fayez voiced Jordan's support to Libya to preserve its unity and restore security and stability to the country. ...


Jordan- Foreign reserves reach JD13.1 billion end of June, ,8/21/2017 9:10:28 AM



(MENAFN - Jordan News Agency) Amman, Aug. 21 (Petra)--The Central Bank of Jordan's (CBJ) foreign reserves stood at JD13.105 billion at the end of June this year sufficient to cover the Kingdom's ...


Jordan- Social development minister meets Swedish ambassador, ,8/21/2017 9:10:28 AM



(MENAFN - Jordan News Agency) Amman, Aug. 21 (Petra)--Minister of Social Development Hala Latouf and Swedish Ambassador to Jordan Erik Ullenhag agreed to exchange expertise in the social work field, ...




 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help