Mubasher: Kuwait-based Boubyan Petrochemical on Sunday reported a 142.3% year-on-year profit increase for the nine-month period ended 31 January.
The petrochemical maker’s profit amounted to KWD 3.15 million ($10.38 million) in the nine-month period ended last January, up from KWD 1.3 million ($4.28 million) in the prior-year period, according to a statement to Boursa Kuwait.
The major rise in the nine-month earnings is attributed to an increase in profits of newly-acquired firms, the Kuwaiti petrochemical company said.
At the level of the third quarter, Boubyan Petrochemical’s profits skyrocketed 890% to KWD 990,000, versus KWD 100,000 in the same period a year earlier.
Boubyan Petrochemical’s stock remained unchanged to close Sunday’s trading session at 920 fils after 1.56 million shares were exchanged, with a turnover of KWD 1.44 million.
