QPIC net profits increases to KD 6.30 million for the first quarter ended 30 June 2022 of FY2022/2023

QPIC - Qurain Petrochemical Industries Company K.S.C.P. - announced a net profit of KD 6.30 million for the first quarter ended 30 June 2022, compared to KD 1.56 million for the same period last year, representing an increase exceeding 300% Year-on-Year (YoY). Earnings per share (EPS) for the quarter stood at 5.87 fils compared to 1.52 fils during the same period last year.

Consolidated gross profits for the period has increased to reach KD 20.65 million versus KD 15.46 million during the same period last year owing to the improved performance from QPIC subsidiaries. 

Total consolidated Assets increased by around 3% to KD 804.50 million as at 30 June 2022 compared to KD 784.99 million reported at the end of the previous financial year (31 March 2022) due to acquisition of an additional 9% equity stake in Advanced Technology Company (ATC).

Commenting on the results, QPIC’s Chairman, Mr. Sadoun A. Ali, said:

“The achieved results confirm the recovery momentum of QPIC group from the global health crisis and weaker business environment witnessed in the past two years, led by Petrochemicals, which has seen the biggest recovery beginning of last year. In the meantime, we continue to look for new opportunities that will enhance the balance of our portfolio diversification and income in order to optimize our shareholders’ interests”

QPIC’s Vice Chairman and Chief Executive Officer, Sheikh Sabah M. A Al-Sabah, said:

“The achieved results mainly attribute to the interim dividends amounting to KD 4 million received from EQUATE Group on its first quarter. This is in addition to the overall support from the improved performance from QPIC group companies. Jassim Transport & Stevedoring in particular has performed remarkably during the year, nearly doubling the performance of the same period last year due to the improved business climate, which we look forward to maintain across all of our group companies”.