(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Oct 25 (KUNA) -- Qurain Petrochemical Industries Company (QPIC) announced Wednesday a net profit of KD 10.56 million (USD 35.08 million) for the first half of 2017-18, compared to KD 10.49 million (USD 34.85 million) for the same period last year. Earnings per share (EPS) for the half year stood at 10.14 fils (USD 33.69 cents) compared to 10.08 fils (USD 33.49 cents) during the same period last year.
Consolidated gross profit increased 15 per cent to reach KD 36.95 million (USD 122.76 million) from KD 32.12 million (USD 106.71 million) reported for the same period last year owing to the increase in sales during the period. Total assets stood at KD 624.60 million (USD 2.08 billion) as at 30 September 2017, compared to KD 608.77 million (USD 2.00 billion) on 31 March 2017, representing an increase of 3 per cent. This is mainly due to the consolidation of its new subsidiary, Inshaa Holding Co. as at 30 September 2017. Commenting on the results, QPIC's Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said "The achieved results affirm the ability of QPIC's business model to withstand market volatilities, allowing us to deliver consistent solid performance and results that meet our shareholders' expectations. Furthermore, QPIC is actively seeking new local and regional investment opportunities, in partnership with well reputed international players within the field." QPIC's Vice Chairman and Chief Executive Officer, Sadoun Ali, said "The achieved results were in line with our expectations and long-term outlook that initially led us to start diversifying our investments. Despite the deteriorating performance of the oil and gas sector, and the lower dividends received from Equate & TKOC over the past few years, QPIC has maintained its profitability levels and has further enhanced this through the excellent performance of its subsidiaries and associates, especially Kuwait Aromatics (KARO)." 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 first, 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 USD 32.7 billion as at December 31, 2016. 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. (end) osj.gta
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