Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - QPIC records KD 9 mln net profit for 9M, up 143% y/y   Join our daily free Newsletter

MENAFN - Arab Times - 03/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Qurain Petrochemical Industries Company KSC (QPIC) announced today its financial results for the nine month period ended Dec 31, 2013. The company posted net profit of KD 9 million (32 million), compared to KD 4 million (13 million) during the same period last year, reflecting an increase of 143% or KD 5 million (19 million). Earnings per share (EPS) for the quarter stood at 8.41 fils (2.9 cents) compared to 3.36 fils (1.2 cents) per share for the same period last year. QPIC's Chairman, Sheikh Mubarak Abdullah Al Mubarak Al Sabah said, "Total assets stood at KD 336 million (1,189 million) as of December 31st 2013 compared to KD 299 million (1,058) on the 31st March 2013, which represents an increase by 12% or KD 37 million (131 million). Investments in associate companies have jumped by 155% or KD 76 million (270 million) during the same period, which is attributed to the 29% stake acquisition in Saudia Dairy & Foodstuff Company (SADAFCO), in addition to the increase in share of profits from Kuwait Aromatics Company (KARO). He further added, "QPIC is actively seeking new local and regional investments opportunities particularly across the Petrochemical Industries as well as within the Energy & Industry sectors, in collaboration with world leading investment banks and consultants."



Moreover, QPIC's Vice Chairman and Chief Executive Officer, Sadoun Ali said, "Kuwait Aromatics Company (KARO) was the main driver in exceeding our expectations during the quarter, resulting in achieving a higher share of income due to favorable market conditions, in addition to our share of income from our new associate, SADAFCO". With regards to the Aromatics project (KPPC), Ali added:

"Despite the improved performance during the year owing to favorable market conditions, prits are expected to diminish due to the anticipated reversal in market trends. QPIC is exploring ways to improve the performance of the project to align it with similar projects around the world. This is being done in coordination with KARO's management and our project partners, Petrochemical Industries Company (PIC) and Kuwait National Petroleum Company (KNPC), which resulted in noticeable but not significant improvements in the project's net returns. However, QPIC is awaiting Kuwait Petroleum Company's (KPC's) effective intervention to resolve pending issues to prevent a significant impact on the project's economics."




Qurain Petrochemical Industries Company (QPIC) was established by Amiri Decree in 2004 with a share capital of Kuwaiti Dinars 110 million. The establishment of QPIC by the Petrochemical Industries Company (PIC) followed Kuwait Petroleum Company's (KPC) strategic initiative to encourage more private sector engagement in major petrochemical projects in Kuwait. Headquartered in Kuwait, QPIC is engaged in several projects including EQUATE, Olefins II, Aromatics and Styrene in Kuwait, and is actively investigating local, regional, and international opportunities as part of its long-term strategy. United Industries Company, a KIPCO Group company, is a major shareholder in QPIC.



The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of 29 billion as at Sept 30, 2013. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group's main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.




 


Arab Times




  MENA News Headlines
 Sep 30 2016 - Italy's Eni confirms renewable energy deal with EgyptMENAFN
(MENAFN) Italian oil Eni agreed a common strategy with Egypt to construct renewable energy projects in the country.Moreover, the first project will be a solar plant in Sinai with output of 50 MW, ...

 Sep 30 2016 - Oman's budget deficit reaches USD10.83bn in H1MENAFN
(MENAFN) Oman's budget deficit increased and crossed the RO4bn mark for Jan-July period this year as government revenue continued to hurt by weak oil prices.Meanwhile, the deficit grew by 68 percent ...

 Sep 30 2016 - UAE hotels to cut costs by 20pctMENAFN
(MENAFN) Hotels in the UAE could cut their costs by more than 20 percent by reducing their energy and water consumption.Moreover, hotels with poor environmental policies consume three times more ...

 Sep 29 2016 - Kimberly process chair steps up momentum on Africa initiativeMENAFN Press
(MENAFN Press) Zimbabwe was the next stop on his extensive tour of African States, to give Africa a Voice, for which the Kimberley Process was originally intended. In Harare, the KP Chair met with ...

 Sep 29 2016 - Global Virtual Reality Market 2016 Share, Trend, Segmentation and Forecast To 2020MENAFN Press
(MENAFN Press) Global Virtual Reality Market 2016 Share, Trend, Segmentation and Forecast To 2020 next five years in an average of 106% CAGR; by 2020 over 430 billion products will be sold, and 21 ...

 Sep 29 2016 - NY Gov. Cuomo's Justice Center a Corruption SchemeMENAFN Press
(MENAFN Press) NY Gov. Cuomo's Justice Center a Corruption Scheme Jonathan Carey "Champion for the Disabled" Born September 12,1993 Killed by caregivers on February 15,2007 The corruption is ...

 Sep 29 2016 - Solving the last jigsaws to minimize risks, optimize costs and accelerate commercialization at Biosimilars North AmericaMENAFN Press
(MENAFN Press) Solving the last jigsaws to minimize risks, optimize costs and accelerate commercialization at Biosimilars North America The 3rd annual Biosimilars North America by popular demand, ...

 Sep 29 2016 - Haptic Interface Market 2016 market Share, Current and Future Players, Analysis and Forecast to 2022.MENAFN Press
(MENAFN Press) Haptic Interface Market 2016 market Share, Current and Future Players, Analysis and Forecast to 2022. Global Haptic Interface Market Information, by Components (Hardware, Software), ...

 Sep 29 2016 - Cold Forging Machine: Consumption, Demand, Sales, Competitor and Forecast 2016 2021MENAFN Press
(MENAFN Press) Cold Forging Machine: Consumption, Demand, Sales, Competitor and Forecast 2016 – 2021 Cold Forging Machine Global Market 2016 Analysis and Forecast to 2021 PUNE, INDIA, September ...

 Sep 29 2016 - Global Wind Power Market Top Manufactures, Market Demands, Trends, Industry Growth Analysis & Forecast 2021MENAFN Press
(MENAFN Press) Global Wind Power Market Top Manufactures, Market Demands, Trends, Industry Growth Analysis & Forecast 2021 Global Wind Power Market Information Report by Application (Residential ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help