(MENAFN- Qpic-kw) Kuwait City, 31 January 2021: QPIC - Qurain Petrochemical Industries Company K.S.C.P. - announced a net profit of KD 7.61 million (US$ 25.05 million) for the nine months period ended 31 December 2020 of the financial year 2020/2021, compared to KD 14.29 million (US$ 47.05 million) for the same period last year. Earnings per share (EPS) for the three quarters stood at 7.45 fils (US$ 24.53 cents) compared to 13.88 fils (US$ 45.70 cents) during the same period last year.
Consolidated gross profit increased by 4% per cent to reach KD 57.04 million (US$ 187.79 million) from KD 54.71 million (US$ 180.12 million) reported for the same period last year owing to the improved performance from Saudia Dairy & Foodstuff Co. (SADAFCO), as well as Jassim Transport & Stevedoring Co. (JTC) consolidation since beginning of the financial year compared to the previous year.
As at 31 December 2020, total consolidated assets stood at KD 757.21 million (US$ 2.49 billion), compared to KD 779.42 million (US$ 2.57 billion) reported at the end of the previous financial year (31 March 2020), showing a marginal decrease mainly due to dividend payout.
Commenting on the results, QPIC’s Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said:
“The lower reported profits are mainly attributed to the negative impact from deteriorating petrochemical markets, coupled with the global spread of the pandemic that has significantly affected products’ supply and demand, which in return impacted QPIC profitability, given our high concentration within the petrochemicals’ sector. Nonetheless, we remain confident that QPIC’s balanced and diversified portfolio is capable of withstanding these challenges by lessening the impact of this dual crisis on our future results. We remain continuously reviewing new investment opportunities that will enhance the balance of our portfolio and maximize the interests of our shareholders.”
QPIC’s Vice Chairman and Chief Executive Officer, Mr. Sadoun Ali, said:
“The achieved results were in line with our expectations despite the continued deterioration of global petrochemicals’ markets which was further impacted by the currently witnessed spread of the pandemic. However, it is worth noting that all our non-oil subsidiaries have performed very well and exceeded last year’s results, especially in SADAFCO. We remain looking forward to maintaining our healthy performance levels during 2021 with the support of our balanced portfolio, and that will mainly rely on two factors; the improvement of oil and petrochemical prices and the duration of the onset of the COVID-19 pandemic, impacting the speed of recovery of the regional and global markets.”
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