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Kuwait’s PIC posts KD 353 mln net profit for FY 2013/14 Al-Themar earns KD 5.75 mln in Q1

KUWAIT CITY, April 29, (KUNA): Kuwait Petrochemical Industries Company (PIC) Tuesday posted KD 353 million in net profits for the Fiscal Year 2013/2014, ending on 31 March. This is a remarkable leap compared with the expected profits and that of the previous year estimated at KD 197 million and KD 229 million respectively, PIC’s Chief Executive Officer Asaad Al-Saad said in a press conference. He went on to say that this leap has placed PIC at the top of the most profit-making non-oil affiliates of the Kuwait Petroleum Corporation. He attributed the profits growth to the company’s outcome increase, reduction of the operating costs, and surge of petrochemical products prices. He pointed out that PIC continued to apply many cost reducing bids, including Six Sigma which resulted in successfully implementing 420 projects, making cumulative financial surplus estimated at $140 million over seven years. Ammonia and urea production jumped to 660,000 metric tons and 1.3 million metric ton respectively compared with 599,000 metric tons and 875,000 metric ton a year earlier, Al-Saad unveiled.

Kuwait Petroleum Corporation (KPC), the state-owned entity responsible for Kuwait’s hydrocarbon interests throughout the world, has signed a contract with Indonesia’s PT. Yosomulyo Jajag to supply the Indonesian market with petroleum coke. KPC fuel oil sales chief Sheikh Salah Al-Sabah said in a press statement that the agreement was concluded during his meeting with a visiting delegation of PT. Yosomulyo Jajag, which is a leading petroleum coke supplier in Indonesia.

The Kuwait Stock Exchange Company announces that the Board of Directors of the Al-Themar International Holding Co. met on Monday, April 28, 2014 and approved the annual financial statements of the company for the year ended March 31, 2014 as follows:
Particulars    31/3/14    31/3/2013
Profit (loss) (KD)    5,745,439    1,392,341
EPS (fils)    5.68    1.38
Total current assets:    13,398,204     11,753,683
Total assets:    189,660,317    156,900,423
Total current liabilities:    60,384,223    60,373,422
Total liabilities:    60,554,338    60,505,040
Total shareholders’ equity:    129,105,979    96,395,383
The Board of Directors to distribute cash dividend of 5% of the nominal value of shares i.e. 5 fils per share for the year ended 31.3.2014
Note that these recommendations are subject to approval by the General Assembly and the competent authorities.

The Kuwait Stock Exchange announces that the Board of Directors of Aqar Real Estate Investments Co. met on Monday, April 28, 2014, and approved the interim financial statements of the company for the period ended 31/3/2014 as follows:
Particulars for 3 months ended 31/3/2014 and 3 months ended 31/3/2013
Profit (KD)    151,436    152,553
EPS (fils)    0.66    0.67
Total current assets:    9,871,184    6,432,526
Total assets:    26,646,835    24,412,618
Total current liabilities:    1,574,178    454,768
Total liabilities:    1,601,246    468,008
Total shareholders’ equity:     25,044,625    23,918,251

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