QPIC announces KD 15.81 million net profits for the half year ended 30 Sept 2022

QPIC - Qurain Petrochemical Industries Company K.S.C.P. - announced a net profit of KD 15.81 million for the first half ended 30 Sept 2022, compared to KD 3.35 million for the same period last year. Earnings per share (EPS) for the first half stood at 14.72 fils compared to 3.27 fils during the same period last year.

Total consolidated assets increased to KD 827.05 million as at 30 Sept 2022, compared to KD 784.99 million reported at the end of the previous financial year (31 March 2022) due to acquisition of additional 9% stake in Advanced Technology Company (ATC). 

Commenting on the results, QPIC’s Chairman, Mr. Sadoun A. Ali, said:

“The achieved results confirm the recovery momentum of QPIC Group companies from the global health crisis and weaker business environment witnessed over the previous two years. Petrochemical markets in particular have seen the biggest recovery since the beginning of last year and continue to deliver excellent results. We constantly seek opportunities that enhance the balance of our portfolio and optimize our shareholders’ interests.”

QPIC’s Vice Chairman and Chief Executive Officer, Sheikh Sabah M. A. Al-Sabah, said:

“Despite the group’s overall improvement in performance and results, the announced results mainly attribute to EQUATE Group’s interim dividends that were distributed for the second quarter in a row. QPIC share of EQUATE interim dividends amounted to approximately KD 8 million since the beginning of the financial year. We’re looking forward to maintaining and delivering healthy performance across all of our group companies and the different sectors they operate within.”