QPIC achieves $14.52 mln in Q2 net profits ending Sept 30

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KUWAIT CITY, Oct 23, (KUNA): Qurain Petrochemical Industries Company (QPIC) Tuesday said it achieved Kuwaiti dinars (KD) 4.41 million ($14.52 million) in net profits in second quarter ending Sept 30.

This was compared to KD 4.39 million ($14.46 million) in the same period last year, QPIC said in a statement. It added net profits for the first half of financial year 2018-19 ending September 30 stood at KD 9.61 million ($31.65 million), against KD 10.56 million ($34.78 million) for the same period last year. Earnings per share for this period reached 9.25 fils ($30.47 cents) against 10.14 fils ($33.40 cents) during the same period last year. QPIC’s total assets stood at KD 662.99 million ($2.18 billion), compared to KD 671.69 million ($2.21 billion) on March 31 2018, a decrease of one percent and owing to paying out dividends of last financial year.

QPIC’s Chairman Sheikh Mubarak Al-Sabah said the results affirmed ability of QPIC’s diversified investment portfolio and business model to withstand economic and political challenges facing the region. Furthermore, he said, QPIC was actively seeking new local and regional investment opportunities that maintains balance of its investments portfolio and meet shareholders’ needs. QPIC was established in 2004 with a KD 110 million capital. The company has portfolios and stakes in Equate Petrochemicals, The Kuwait Olefins Company (TKOC) and Kuwait Aromatics (KARO).

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