Qurain Petrochemical announces $15.74mn in net profits for first quarter ended on 30 June 2019

Total assets increased by 9% to $2.63bn

Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, chairman, Qurain Petrochemical Industries Company.
Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, chairman, Qurain Petrochemical Industries Company.

QPIC – Qurain Petrochemical Industries Company – announced a net profit of $15.74mn for the first quarter of 2019-2020, compared to $17.08mn for the same period last year. Earnings per share (EPS) for the quarter stood at 15.18 cents compared to 16.46 cents during the same period last year.

Consolidated gross profit increased 10% to reach $53.33mn from $48.59mn reported for the same period last year owing to the increase in sales revenues during the period.

As on 30 June 2019, total consolidated assets stood at $2.63bn, compared to $2.41bn on 31 March 2019, representing an increase of 9% mainly due to the acquisition of a 60% stake in Jassim Transport & Stevedoring Co (JTC) during this quarter.

Commenting on the results, QPIC’s Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, said: “The achieved results affirm the company’s ability through its diversified portfolio to withstand the various geopolitical challenges around the globe, while maintaining positive and sustainable growth momentum. QPIC continues to actively seek new local and regional investment opportunities that complement the balance of its investments portfolio and meet our shareholders’ needs.”

QPIC’s vice chairman and CEO, Sadoun Ali, said: “The announced results were in line with our expectations and driven by the witnessed global economic slowdown. However, QPIC’s core investments have maintained an overall positive performance, in particular Saudia Dairy & Foodstuff Company (SADAFCO) which witnessed a healthy recovery in performance and profitability compared to the previous year. We expect our investments to show further improvement in the upcoming future, supported by the added value that our new investments bring to the company.

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