Kuwait’s QPIC’s H1 profit down to USD523k

23 Oct 2012

(MENAFN) Kuwaiti Qurain Petrochemical Industries Company (QPIC) stated that during the first half of the financial year 2012/2013, profit fell to USD523,000, reported Kuwait News Agency (KUNA).

QPIC said that net profit during the period ended September 30 represents 69 percent of the net profit of USD964,302 posted in last year’s same period.

The company added that excluding the extraordinary profits realized as a result of the gain of the Equate treasury share buyback amounted to USD7.18 million.

Total assets of the company, which was founded by Amiri Decree in 2004 with a share capital of USD390.91 million, stand at USD860.97 million as of September 30, representing a drop of 5 percent from the USD910 million posted on March 31, 2012.

It is worth noting that QPIC is focused on investing directly and indirectly in companies producing, trading and storing chemical and petrochemical products and related by-products.

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