By: Ahmad Awad
Kuwait-Mubasher: Ikarus Petroleum Industries will not liquidate any more of its assets in 2016, said CEO Suhail Bo Qrais, following a range of divestitures of as much as $100 million.
The asset exits generated profits of $8.3 million to the petrochemical firm, the CEO said on the sidelines of the ordinary general meeting held Tuesday.
The liquidation of assets in 2015 helped in decreasing liabilities to KWD 14 million ($46.44 million) from KWD 35 million ($116.09 million), Bo Qrais added.
The CEO clarified that 80% of the company’s investments are channeled into the Saudi market, with a value of about KWD 70 million ($232.19 million).
The increasing prices of power and water helped in raising the costs of the company’s business in KSA, the CEO noted.
