Qurain Petrochemical Industries Company posts net profit of KD 20.45 million for the Third Quarter of 2011

Qurain Petrochemical Industries Company (QPIC) posted strong financial results for the third quarter ended 30 September 2011 with net profit of KD 20.45 million.

Announcing the results, Chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah said that QPIC Board of Directors approved on 27 October 2011, the financial statements of the company for the third quarter ended 30 September 2011, and the company posted net profit of KD 20,453,242 compared with net loss of KD 1,584,985 for the same period in 2010. The increase is 1,390% higher than the profits of same period last year by KD 20,038,227. Earnings per share for the period stood at 18.67 fils per share, compared to a loss of 1.44 per share for the same period in 2010.

Sheikh Mubarak also noted that third quarter profits came aligned with QPIC expectations, whereas total assets stood at KD 211.92 million at 30 September 2011 as compared to KD 193.22 million at 31 December 2010, an increase of 10% or KD 18.70 million. Also, Investment in associates has gone up by 16 % or KD 6.18 million during this period.

With respect for the PTA-PET project, Sheikh Mubarak indicated that the Royal Commission of Jubail & Yanbu in the Kingdom of Saudi Arabia welcomed QPIC’s request to establish the project in Jubail industrial city. Along with that, QPIC is currently contacting world leading consultancy firms in preparation to conduct a detailed feasibility study as well as engaging with technical partner to cooperate in developing the Billion dollar project.

QPIC Chairman Also noted that the Paraxylene project (KPPC) is suffering from losses during the second and third quarters of this year, which resulted in decreasing the project’s profitability compared to the first quarter. The project is constantly facing difficulties to continue, especially if Kuwait Petroleum Company (KPC) do not amend the projects main agreements with related parties, despite the fact that the team that was assigned to conduct a study about the project’s status have finished and presented the proper solutions to fix the project’s structure.

Commenting on QPIC’s future plans, he stated that QPIC is actively seeking new partnerships with well reputed entities and major financial consulting agencies to pick viable and reliable investments across the GCC and Middle East region, in collaboration with world leading investment banks and consultants.