KUWAIT: The Qurain Petrochemical Industries Company (QPIC) announced here the other day a net profit of KD 14.9 million ($50.8 million) in the nine months of 2014, an increase of 67 percent compared to a profit of KD 8.9 million in the same period last year.
Earnings per share (EPS) for the same period stood at 14.17 fils ($48.36 cents) compared to 8.41 fils ($28.70 cents) in the same period last year. “Consolidated operational income for third quarter rose by KD 10.7 million ($36.4 million), an increase of 491 percent compared to KD 1.8 million in the same period last year,” QPIC’s Chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah said in a press statement. This rise was due to new acquisitions made by the company and particularly in SADAFCO – Saudi Dairy and Foodstuff Company, despite the significantly lower profitability from Kuwait Aromatics Company (KARO), he added.
The QPIC has posted a profit of KD 0.15 million ($0.51 million) in the third quarter of 2014,” he stressed. Total consolidated assets as of 31 December, 2014, have increased to KD 501. 6 million ($1.7 billion) compared to KD 364.3 million on March 31, 2014, he noted. Established in 2004, QPIC is a holding company with a total capital of KD 10 million distributed over a billion and one hundred million shares.
