Quotes: US 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, profits 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




  MENA News Headlines
 Sep 16 2014 - Qatar Re gross premiums growth to grow by 60 percentin 2014MENAFN
(MENAFN) Qatar Re is expecting gross premiums to increase by more than 60% to USD550 million this year after reporting a gross premiums of USD327 million in the January-June period, increasing 55 ...

 Sep 16 2014 - Kuwait- Int'l community responsible for Iraq's security, stability - Sheikh Sabah Al-KhaledKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The international community bears the responsibility of assisting Iraq to maintain its security and stability in the face of terrorist groups, said Kuwait's First ...

 Sep 16 2014 - Libya's democratic transition lives critical moment - UNSMIL officialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Special Representative of the Secretary-General and Head of United Nations Support Mission in Libya (UNSMIL) Bernardino Leon expressed to the Security Council ...

 Sep 16 2014 - Saudi Aramco, Thai PTT, in joint Vietnamese projectMENAFN
(MENAFN) Saudi Aramco, the world's biggest oil producer, joined with Thai energy company PTT announced submitting a USD22 billion refinery and petrochemical complex in Vietnam to the government, Arab ...

 Sep 16 2014 - Kuwait's economic development plans analysed by int'l firmKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's bid to galvanise economic growth by introducing new legislation governing foreign direct investment (FDI) was analysed in an internationally-conducted ...

 Sep 16 2014 - Belgium- Rasmussen welcomes int'l coalition against ISILKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NATO Secretary-General Anders Fogh Rasmussen on Monday welcomed the efforts by the United States and other allies and partners to act against the Islamic State in ...

 Sep 16 2014 - Kuwait- Parl't Speaker congratulates Honduras, Nicaragua, Costa Rica, El Salvador, Guatemala on nat'l daysKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) National Assembly Speaker Marzouq Al-Ghanim sent a cable of congratulations on Monday to President of the National Congress of Honduras Mauricio Oliva Herrera and ...

 Sep 16 2014 - UN peacekeepers on Golan Heights pull back to IsraelKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The situation in the UN Disengagement Observer Force (UNDOF) area of separation on the Syrian side of the borders with Israel has deteriorated severely over the ...

 Sep 16 2014 - Kerry to rally support for Iraq at UNKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) US Secretary of State John Kerry will be in New York on September 19 "to chair a ministerial debate of the United Nations Security Council on Iraq as part of the ...

 Sep 16 2014 - Kuwait committed to supporting Palestinians - Kuwaiti officialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's international and humanitarian efforts on putting a stop to the recent Israeli assault on Gaza were emphasised by Ministry of Justice Undersecretary ...

more...


 






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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help