Kuwait – Mubasher: Qurain Petrochemical Industries Company (QPIC) on Wednesday reported a 37.4% increase in net profits for the fourth quarter ended March 2017, according to the company’s statement to Boursa Kuwait.
Net profit reached KWD 18.36 million ($60.23 million) in for the fourth quarter of fiscal year 2016, compared to KWD 13.36 million ($43.82 million) in the year-ago period.
The company’s board of directors recommended distributing 11 fils per share, or 11% of par value, according to a separate statement.
Total assets stood at KWD 608.77 million ($2 billion) as at 31 March 2017, compared to KWD 521.47 million ($1.72 billion) in the same period in 2016, registering an increase of 17%.
Investment in associates increased 5% in the 12 months ended March 2017 to KWD 85.82 million due to an improvement in their performance, the statement added.
Meanwhile, annual net profits amounted to KWD 34.94 million ($114.56 million) for the year ended 31 March 2017, compared to KWD 24.71 million ($81.02 million) in the previous year.
“QPIC has maintained its profitability levels and has further enhanced this through the excellent performance of its subsidiaries and associates, especially Kuwait Aromatics (KARO),” QPIC’s vice chairman Sadoun Ali stated.
