(MENAFN- Arab Times) Qurain Petrochemical Industries Company - has announced a net profit of KD 4.2 million (US$14.0 million) for the first quarter of the 2015/2016 financial year ending 31 March 2016. This compares favorably to a net profit of KD 0.9 million (US$3.1 million) posted during the same period last year, representing an increase of 354 percent.
Earnings per share (EPS) for the quarter stood at 4.03 fils (US$13.30 cents) compared to 0.88 fils (US$ 3.00 cents) during the same period last year. Consolidated sales revenue increased significantly to reach KD 14.6 million (US$48.2 million) from KD 0.01 million (US$0.03 million) reported for the same period last year owing the reclassification of SADAFCO-Saudia Dairy and Foodstuff Co - from an associate investment to a subsidiary since July 2014, further to the acquisition made during the second quarter of 2014/2015. Total assets stood at KD 530.6 million (US$1.75 billion) as at 30 June 2015, compared to KD 527.9 million (US$1.74 billion) on 31 March 2015.
Investments in associate companies increased by 5 percent or KD 3.3 million (US$10.8 million) during the said period owing to the net increase in share of profits from Kuwait Aromatics Co (KARO) and National Petroleum Services Co (NAPESCO). Commenting on the results, QPIC's Chairman, Sheikh Mubarak Abdullah Al- Mubarak Al-Sabah, said: "The results achieved showcase the soundness and diversification of QPIC's investments, which can withstand the current economic circumstances that the region has encountered given the instability of oil markets conditions.
QPIC is actively seeking new local and regional investment opportunities, in partnership with well reputed international players within the field." On his part, QPIC's Vice Chairman and Chief Executive Officer, Mr Sadoun Ali, said: "Performance from QPIC's associates and subsidiaries has significantly improved, enabling QPIC to post results that exceeded our expectations. In particular, SADAFCO and KAROwere the main contributors to QPIC's higher share of income. KARO, which has always suffered from lower profitability, is showing enhanced performance as the aromatics markets pick up, and we expect it to further improve.
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