Qurain Petrochemicals net profit surges 24% in Q1 2017

Kuwait-based Qurain Petrochemical Industries Company (QPIC) has reported a net profit of $20.23m (KWD6.17m) for the first quarter of the fiscal year 2017-18

Sheikh Mubarak Abdullah Al Mubarak Al Sabah, chairman, QPIC.
Sheikh Mubarak Abdullah Al Mubarak Al Sabah, chairman, QPIC.

Kuwait-based Qurain Petrochemical Industries Company (QPIC) has reported a net profit of $20.23m (KWD6.17m) for the first quarter of the fiscal year 2017-18, representing a 24% increase over the same period last year of $16.3m (KWD4.98m).

Consolidated gross profit increased 11% to reach $61m from $55m reported for the same period last year owing to the increase in sales during the period, a press statement from QPIC said.

Total assets stood at $2.03bn as on June 30, compared to $2.00bn on March 31, representing an increase of 2% over the corresponding period.

This is mainly due to the consolidation of its new subsidiary, Inshaa Holding Co., as of June 30.

“The achieved results affirm the ability of our business model to withstand market volatilities, allowing us to deliver consistent solid performance and results that meet our shareholders’ expectations,” said QPIC’s chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah.

Sadoun Ali, QPIC’s vice chairman and chief executive officer, said: “The achieved results were in line with our expectations and long-term outlook that initially led us to start diversifying our investments.

“In the international scene, QPIC has maintained its profitability levels and has further enhanced this through the excellent performance of its subsidiaries and associates,” he added.

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