Kuwait’s QPIC net profit increases 300% to $20.55mln

Kuwait’s QPIC net profit increases 300% to $20.55mln

Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD6.3 million ($20.55 million) for the first quarter ended June 30, 2022, compared to KD1.56 million for the same period last year, an increase of 300% year-on-year (YoY).

Earnings per share (EPS) for the quarter stood at 5.87 fils compared to 1.52 fils during the same period last year, QPIC said.

Consolidated gross profits for the period increased to reach KD20.65 million versus KD15.46 million during the same period last year owing to the improved performance from QPIC subsidiaries.

Total consolidated assets increased by around 3% to KD804.50 million as at June 30, 2022 compared to KD784.99 million reported at the end of the previous financial year (March 31, 2022) due to acquisition of an additional 9% equity stake in Advanced Technology Company (ATC), it said.

QPIC’s Chairman Sadoun A Ali said: “The achieved results confirm the recovery momentum of QPIC group from the global health crisis and weaker business environment witnessed in the past two years, led by petrochemicals, which has seen the biggest recovery beginning of last year. In the meantime, we continue to look for new opportunities that will enhance the balance of our portfolio diversification and income in order