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KUWAIT CITY, Oct 27: QPIC — Qurain Petroche-mical Industries Company (QPIC) — announced a net profit of KD 10.49 million (US$ 34.74 million) for the first half of the financial year 2016/2017. This compares favorably to a net profit of KD 6.61 million (US$ 21.89 million) posted during the same period last year, representing an increase of 59 percent.
Earnings per share (EPS) for the half year stood at 10.08 fils (US$ 33.38 cents), compared to 6.31 fils (US$ 20.89 cents) during the same period last year.
Consolidated gross profit increased by 14% to reach KD 32.11 million (US$ 106.32 million) from KD 28.07 million (US$ 92.95 million) reported for the same period last year, owing to reduction in the cost of sales during the period.
Investments in associate companies increased by 10 percent or KD 8.3 million (US$ 27.48 million) during the said period, due to increase in share of profits from Kuwait Aromatics Co (KARO) and National Petroleum Services Co (NAPESCO). Total assets stood at KD 531.9 million (US$ 1.76 billion) as at 30 September 2016, compared to KD 521.5 million (US$ 1.72 billion) on 31 March 2016.
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 the market and the geopolitical scene. QPIC continues to actively seek new local and regional investment opportunities, in partnership with well reputed international players in the field.”
On his part, QPIC’s Vice Chairman and Chief Executive Officer, Sadoun Ali, said:
“The profits we have achieved are in line with our expectations and the recently adopted policy to diversify QPIC’s main sources of income, being that all of our subsidiaries and associates performed positively during the quarter and showed stable growth. The Saudia Dairy & Foodstuff Co (SADAFCO) and KARO, the two main contributors in achieving the positive results, in addition to the improved performance from the remaining associates and subsidiaries, and we expect their performance to further enhance.”