Kuwait-based Qurain Petrochemical Industries Company (QPIC) has reported a net income of KD45.33 million ($148.77 million) for the year ended March 31, 2019, compared to KD35.2 million ($115.52 million) last year, representing a 29 per cent year-on-year (YoY) increase.
Earnings per share (EPS) for the year is 43.64 fils ($143.22 cents) versus 33.82 fils ($111.0 cents) last year, said a statement from the company.
Total assets stood at KD731.13 million ($2.40 billion) as on March 31, 2019, compared to KD671.67 million ($2.22 billion) on March 31, 2018, representing a 9 per cent increase, due to the recent acquisition made by Saudia Dairy & Foodstuff Company (Sadafco) in Poland and net revaluation gains, it said.
QPIC’s board of directors has recommended the distribution of cash dividends amounting to 16 per cent (16 fils per share), subject to approval by the company's General Assembly and regulatory authorities, it added.
On the solid performance, Chairman Sheikh Mubarak Abdullah Al Mubarak Al Sabah said: "These results not only represent our highest reported net profits since inception, but affirm the company’s ability and diversified investments portfolio to withstand various geopolitical challenges that are currently facing the globe while maintaining the positive and sustainable momentum."
“Furthermore, we are actively seeking new local and regional investment opportunities that compliments the balance of its investments portfolio and meet our shareholders’ needs,” he added.
Vice Chairman and CEO Sadoun Ali said: "Our company’s core investments performance maintained its positive momentum overall, supported by the favourable performance of petrochemicals markets during 2018, particularly in our investments in Equate Group, of which our share of dividends from them amounted to KD28.26 million ($93.26 million)."
“The figures reflect an increase of 38 per cent compared to last year, offsetting the anticipated lower profitability contribution from Sadafco, on account of the regional challenges the consumer Saudi market is facing,” he said.
“Nevertheless, Sadafco has been able to maintain its market share and leading position in Saudi Arabia, and we expect our core investments to continue its positive momentum and improve in the future, supported by our strong and diversified portfolio of investments,” he added.-TradeArabia News Service
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